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This is AI generated summarization, which may have errors. For context, always refer to the full article.
Claim: President Ferdinand Marcos Jr. claimed interest from his family’s gold deposits in the World Bank.
Rating: FALSE
Why we fact-checked this: The YouTube video was posted on May 6 by Pinas News Insider with the title: “KAKAPASOK LANG OMG! DI-MAKAPANIWALA ang WORLD BANK PMARCOS nag WIDTHDRAW ng INTEREST ng MARCOS GOLD” (Just in! The World Bank can’t believe it; President Marcos withdrew interest from Marcos gold). The video has 100,176 views, 3,800 likes, and 317 comments as of writing.
The bottom line: The contents of the video floated the idea that Marcos’ meeting with World Bank Group officials in September 2022 intended to discuss claiming interest from gold deposits supposedly made by the late Ferdinand E. Marcos. However, no evidence supported this claim.
What really happened: According to an article by the Philippine News Agency, Marcos presented his administration’s priorities to the World Bank Group during the meeting, focusing on agriculture, clean energy, education, and post-pandemic economic recovery, among others.
The President also thanked the World Bank for “bringing resources, linkages, and partnerships to bear on the country’s social, economic, and environmental initiatives since 1945.”
There is no mention of the supposed Marcos gold in any of the official reports about the meeting.
Gold deposits: It’s not possible for Marcos, or any other individual person, to have gold deposits and other assets at the World Bank as it is not a regular commercial bank. On its website, the World Bank says it is a “vital source of financial and technical assistance to developing countries around the world.”
It adds: “We are not a bank in the ordinary sense but a unique partnership to reduce poverty and support development.”
Furthermore, unlike other investments that earn compound interest and can be used as a stable source of passive income, physical gold reserves do not generate interest.
Rappler has previously published multiple fact checks regarding the supposed Marcos gold:
- FACT CHECK: World Bank doesn’t have Marcos gold deposits
- FACT CHECK: Marcos doesn’t have ‘over a million metric tons’ of gold in banks worldwide
- FACT CHECK: Marcos didn’t have 50-year gold time deposit
- FACT CHECK: Impossible for Marcos to have a billion-ton gold bullion deposit
- FACT CHECK: Video doesn’t show Ferdinand E. Marcos has China gold account
– Andrei Santos/Rappler.com
Andrei Santos is a graduate of Rappler’s fact-checking mentorship program. This fact check was reviewed by a member of Rappler’s research team and a senior editor. Learn more about Rappler’s fact-checking mentorship program here.
Keep us aware of suspicious Facebook pages, groups, accounts, websites, articles, or photos in your network by contacting us at factcheck@rappler.com. Let us battle disinformation one Fact Check at a time.
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