CLAIM: “Marcos wealth” will be used to fund national projects and humanitarian programs through investments
A YouTube Short uploaded by channel “Filipino Future” falsely claimed that a dubious “deed of assignment” indicated the intent of the late dictator Ferdinand E. Marcos Sr. to use his wealth to finance his son President Ferdinand “Bongbong” Marcos Jr.’s national programs and projects.
Filipino Future made the outrageous claim on the video title while displaying a three-page document that allegedly originated from the Office of the President of the Philippines. The spurious document claimed that all International bank deposits and other assets would be assigned in favor of Rev. Dr. Floro E. Garcia without clearly identifying the assignee’s role and relevance.
This supposed “deed of assignment” bearing multiple dates from 1985 to 1987 contained multiple inconsistencies, spelling and grammar errors, and legal informalities, indicating that the supposed document is fake.
The bogus paper was presented as evidence that the assets from the banks listed would be used to fund billion-dollar economic and industrial projects and humanitarian programs through investments.
Programs of the government are mostly funded by appropriations that have to be approved by Congress for the fiscal year. Some can be funded through loans or official development assistance from developed countries like the United States and Japan.
The newly established Maharlika Investment Fund will be used to finance high-priority infrastructure projects through investments. However, the initial capital will be sourced from the Bangko Sentral ng Pilipinas (BSP) and other government financial institutions, not the supposed Marcos wealth.
Multiple claims regarding the family’s unexplained wealth coming from outlandish quantities of gold have been repeatedly debunked. Marcos defenders often use these as a handy tool to deny the billion ill-gotten wealth amassed by the elder Marcos during his reign.
The video has 4.8k views, 459 likes, and 34 comments as of writing. Angeline Narnola, PressOnePH
PressOne.PH is a verified signatory of the Code of Principles of the International Fact -Checking Network (IFCN) at Poynter. The code of principles of the International Fact-Checking Network is a series of commitments organizations abide by to promote excellence in fact-checking. We believe nonpartisan and transparent fact-checking can be a powerful instrument of accountability journalism..
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 email@example.com.
FACT CHECK: YouTube channel falsely claims Marcos Sr. declared Filipinos as co-owners and co-beneficiaries of his wealth
The late dictator entrusted all of his properties only to his wife and his children.
In a TikTok video, a man talks about the country’s economy during the Marcos Sr. regime, repeating the “golden age” claim that had already been debunked by fact-checking sites.
Former president Rodrigo Duterte falsely claimed in his TV program on SMNI that the Office of the Vice President (OVP) did not spend P125 million in confidential and intelligence funds (CIF).