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This is AI generated summarization, which may have errors. For context, always refer to the full article.
Claim: The creation of the Maharlika Investment Fund (MIF) has freed the Philippines from debt.
Rating: FALSE
Why we fact-checked this: A YouTube video containing this claim has 85,000 views as of writing. It was posted by a channel with over 425,000 subscribers.
What the video said: The claim was made in the video’s title, which says: “Grabe to! Buong Pilipinas umiyak. Pres. Marcos. Burado na utang ng Pilipinas. Media at Dilawan nga-nga!”
(This is big! The whole Philippines cried. President Marcos. Philippine debt is now erased. Media and ‘yellows’ speechless.)
The video shows RTVM footage of President Ferdinand Marcos Jr.’s speech during the signing of the law creating the sovereign wealth fund on July 18. It also showed a portion of the press briefing with National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan last July 19.
The facts: No, the enactment of the MIF does not erase the country’s debt. In fact, the Bureau of Treasury reported that the country’s outstanding debt stood at P14.15 trillion as of end-June 2023.
While the video shows clips of Marcos and Balisacan, neither have stated the claim made in the video. Rather, both officials have said in separate instances that the Maharlika fund is expected to stimulate the economy without increasing the country’s debt.
What Marcos said: Marcos makes no mention of the fund clearing the national debt in his speech during the signing of the MIF law.
The President said the country’s first sovereign wealth fund is “designed to drive economic development,” and will enable the government to invest in projects without “taking on additional borrowings.”
He added: “Through the Fund, we will leverage on a small fraction of the considerable but underutilized investable funds of government and stimulate the economy without the disadvantage of having additional fiscal and debt burden.”
What NEDA said: Balisacan echoed this during the Malacanang briefing. In response to questions on how the fund will impact the country’s debts, he said, “[The MIF is] not meant to add to the debt but rather to allow us to have other sources of funds so that, in fact, you can reduce your reliance on debt.”
According to the Treasury’s press release issued on August 1, the country’s debt portfolio as of end-June increased by 0.4% or P51.31 billion higher than in May.
Sovereign wealth fund: The MIF aims to “promote socioeconomic development” and will be used by the government to invest in domestic and foreign corporate bonds, commercial real estate, and infrastructure projects, among others.
The controversial measure was signed amid criticism, with critics worried that it may exacerbate the country’s huge debt burden.
Rappler has published several fact-checks on the MIF:
- FACT CHECK: No mention of ending foreign loans in Marcos’ Maharlika speech
- FACT CHECK: Maharlika fund won’t draw from ‘Marcos wealth’
- FACT CHECK: No ‘Marcos wealth’ to be reinvested in Maharlika fund
– Ailla Dela Cruz/Rappler.com
Keep us aware of suspicious Facebook pages, groups, accounts, websites, articles, or photos in your network by contacting us at factcheck@rappler.com. You may also report dubious claims to #FactsFirstPH tipline by messaging Rappler on Facebook or Newsbreak via Twitter direct message. You may also report through our Viber fact check chatbot. Let us battle disinformation one Fact Check at a time.
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