CLAIM: President Ferdinand Marcos Jr. met with World Bank officials to withdraw the interest earned by his late father’s gold stash.

RATING: FALSE

A clickbait video uploaded to YouTube on May 6 erroneously insinuated that President Ferdinand Marcos Jr. had met with World Bank officials to withdraw interest earned by gold allegedly deposited by his late father, Ferdinand Marcos Sr.

 “Pinas News Insider,” a channel that wallows in conspiracy theories, cited a long-discredited source, Karen Hudes, whom it described as a “whistleblower” who had worked for the World Bank, to back its dubious claims. 

The channel repeated Hudes’s debunked statement that the late dictator had deposited gold across multiple banks, including the World Bank. 

In 2014, the World Bank released a statement explaining that Hudes had not been employed by the multilateral organization since 2007 and was not “authorized to represent any arm” of the World Bank.

It is also important to note that the World Bank is an “international development organization,” not a commercial banking institution. As such, the World Bank does not lend to or accept money from individuals.

Marcos Jr. tweeted on his official account in September 2022 that the meeting discussed a partnership between the Philippines and the World Bank meant to “improve the lives of Filipinos.”

Then press secretary Trixie Cruz-Angeles explained in a press statement that the president had met with World Bank Regional Vice President Manuela Ferrero to discuss his administration’s priorities, namely agriculture and post-pandemic recovery.

The clickbait video has drawn more than 115,000 views, 4,000 likes, and 343 comments. Jan Alyanna Tamaray, Shayne Lee Andreas Macaraeg, and Trisha Tamio

 

PressOne.PH is part of #FactsFirstPH which brings together various sectors that are committed to promoting truth in the public space, and exacting accountability on those who harm it with lies. For those interested to join the initiative, email info@factsfirst.ph

PressOne.PH believes that fact-checking is essential to combating misinformation and disinformation, and in informing and educating citizens and voters. Read more of PressOne.PH’s Fact-Checking Policy by clicking here.

The public is welcome to send feedback or requests for fact-checks at factcheck@pressone.ph.

 

 

PressOne.PH is a verified signatory of the Code of Principles of the International Fact -Checking Network at Poynter. The code of principles of the IFCN is a series of commitments organizations abide by to promote excellence in fact-checking.
If you believe PressOne.PH is violating the Code of Principles of the International Fact-Checking Network, you may submit a complaint directly to the IFCN website: https://ifcncodeofprinciples.poynter.org/complaints-policy