TARLAC CITY, Tarlac (August 12, 2024) — A company leveraging the initials ‘BBM’ has seen its Securities and Exchange Commission (SEC) corporate registration rescinded after it illegally solicited investments.
Bagong Bansang Maharlika (BBM) International Inc.’s registration was revoked after it was found collecting membership fees from residents of various local communities, promising to provide food security, free education, free hospitalization, cash assistance, and livelihood to all Filipinos aged one year and above worldwide by the SEC.
The company used President Ferdinand “Bongbong” Marcos Jr’s prominent “BBM” initials and used his image in the company’s marketing materials.
BBM International’s actions violate Section 44 of Republic Act No. 11232, or the Revised Corporation Code (RCC), which provides that no corporation shall possess or exercise corporate powers other than those conferred by the RCC or its articles of incorporation.
