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This is AI generated summarization, which may have errors. For context, always refer to the full article.
Claim: The Philippines canceled its $88.28-million loan from the World Bank for the Bureau of Customs (BOC) modernization project because the country can now stand on its own thanks to the Marcos gold.
Rating: FALSE
Why we fact-checked this: The YouTube video bearing the claim has 243,322 views, 10,000 likes, and 1,321 comments as of writing. It was posted on January 3 by a channel notorious for dubious claims about the Marcos administration.
The video’s narrator claims that the World Bank is begging the Philippines to borrow from the international institution after the country abandoned a loan intended for the BOC modernization project.
The video hints at the use of the fabled Marcos gold as the reason for dropping the loan. Text on the video reads: “Bakit tila nagmamakaawa pa ang World Bank na umutang tayo sa kanila? Ang kwento ng Marcos gold at tagumpay sa digitalisasyon ng Customs.”
(Why is the World Bank seemingly begging us to borrow money? The story of the Marcos gold and the success of Customs digitalization.)
The bottom line: The Philippines did not cancel the World Bank loan because of the long-debunked Marcos gold. A World Bank document stated that the Department of Finance (DOF) confirmed the proposed project cancelation in a November 7, 2024 letter, reasoning that the Philippines Customs Modernization Project (PCMP) was “no longer viable” after suffering from “multi-faceted” delays with “unsatisfactory” implementation progress.
The DOF made no mention of continuing the project using local funds, much less through the so-called Marcos gold.
BOC modernization: The PCMP had a project cost of $104.38 million, with $88.28 million coming from a World Bank loan. It aimed to improve the efficiency of the BOC and reduce trade costs. The project had three main components:
- Modernization of BOC’s core Customs Processing System, technical infrastructure, and internal capacity “to manage and operate a sophisticated ICT operation”
- Organizational department modernization of the BOC’s enterprise resource planning ICT system, organizational and structural review, and preparation of a new customs training curriculum
- Implementation of a “strong methodology-based project management approach” for the “successful and timely delivery of the ICT solutions.”
The project was shelved due to court cases that delayed its implementation.
World Bank and the Philippines: The Philippines remains the World Bank’s fifth-biggest borrower for two consecutive years under the Marcos administration.
Contrary to the video’s suggestion that the Philippines no longer needs to borrow from the international lender, the country has in fact continued to secure loans. In June 2024, the World Bank approved a $1.25 billion loan to help fund the Philippines’ education and public infrastructure sectors.
Long-debunked myth: Rappler and other fact-checking bodies have previously debunked myths about the so-called Marcos gold and its alleged use for government initiatives.
Rappler has also published several fact-checks about the YouTube channel “Sa Iyong Araw” and its dubious claims:
- FACT CHECK: No ‘Wealth for Humanity’ in Marcos’ last will
- FACT CHECK: 2022 video of ‘upward lightning’ misrepresented as occurring in Germany
- The Philippines has not started mining deuterium gas
– Kyle Marcelino/Rappler.com
Kyle Marcelino 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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