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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. will deposit his family’s wealth into the Maharlika Investment Fund.
Rating: FALSE
Why we fact-checked this: The video that made the claim has 78,356 views and 2,800 likes as of writing.
In the video, a narrator says of the Maharlika Fund: “Dito ipapasok ang pondo na galing sa Marcos wealth, gamit ang iba’t ibang korporasyon na hawak ng pamilyang Marcos para mapakinabangan sa pag-unlad ng ating bansa.”
(This is where the funds from the Marcos wealth will be deposited, using the various corporations held by the Marcos family to benefit the development of our country.).
The bottom line: No supposed Marcos wealth will be used for the sovereign wealth fund. According to Senate Bill No. 2020 or the Maharlika Investment Fund Act of 2023, initial capital and funding for the fund will come from government financial institutions and the national government.
The bill states that P50 billion will come from the Land Bank of the Philippines, P25 billion from the Development Bank of the Philippines, and P50 billion from the national government.
The fund will also not draw from the Philippines’ excess wealth, foreign reserves, or pension funds.
The video does not provide any evidence to support its claim. Instead, it showed footage from Marcos’ media interview on June 22, where he was asked whether he would sign into law the bill creating the fund which was approved by lawmakers on May 31. Nowhere in the interview did Marcos mention their supposed family wealth.
Purpose of the fund: According to the bill, the fund’s purpose is to “promote economic growth and social development.” It will be used by the government to invest in a wide range of assets, such as foreign currency, domestic and international corporate bonds, commercial real estate, and infrastructure projects, to fund the country’s priority programs.
Critics, however, have questioned the necessity of the fund and raised concerns over corruption and investment risks.
False claims: The account that posted the video, Pwedelie TV, has been previously fact-checked by Rappler for making claims such as the Marcos account being used for biofertilizer distribution in the country and the President allegedly funding the construction of a submarine factory.
Rappler has also fact-checked a similar claim by Facebook page Filipino Future falsely stating that the Maharlika Fund was created for the Marcoses to reinvest their family wealth.
Other dubious claims on the family’s supposed wealth and gold deposits have been debunked:
- FACT CHECK: Marcos didn’t use family wealth for gov’t activities
- FACT CHECK: Marcos didn’t have 50-year gold time deposit
- FACT CHECK: Video doesn’t show evidence of Marcos revealing family’s gold account
- FALSE: Marcos family owns a ‘million tons of gold’
- FACT CHECK: World Bank doesn’t have Marcos gold deposits
– Katarina Ruflo/Rappler.com
Katarina Ruflo 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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