CLAIM: A YouTube video posted by ‘Filipino Future’ claimed the Maharlika Investment Fund will make use of former dictator Ferdinand Marcos’ wealth from his gold investments and other assets deposited in 170 bank accounts across different countries.
‘Filipino Future’ said Marcos Sr., through his last will and testament, promised his wealth will be distributed to the Filipinos once his investments reached their maturity after 50 years from deposit or between the years 2001 to 2005.
The same video further claimed the following:
– That Imelda Marcos ran for the presidential race in 1998 to implement the first cycle of the investments’ maturity but later backed out after being threatened. The votes intended for her were shifted to then-candidate Joseph Estrada, a Marcos-ally, who won against Jose de Venecia. Estrada’s impeachment was orchestrated by the “yellow elitists” (or Aquino supporters) to stop him from implementing Marcos’ will;
– That former Pres. Gloria Macapagal-Arroyo wanted to implement Marcos Sr.’s will for the benefit of the Filipinos. However, she was sent to jail by former Pres. Benigno Simeon ‘PNoy’ Aquino III. During her term, there was a global recession but the Philippines was not affected because her government used Marcos’ wealth, which explains why she now sides with the Marcoses;
– That under PNoy’s term, Marcos’ Swiss deposits were transferred to the country to supposedly help the agriculture sector. However, the money was corrupted by PNoy and the Presidential Commission on Good Government with the help of businesswoman Janet Lim-Napoles;
– That during the pandemic under former Pres. Rodrigo Duterte’s term, his government used Marcos’ wealth for continuous aid and projects in the form of loans;
– That Pres. Ferdinand Marcos Jr. plans to make the country Maharlika or an upper middle-income nation before his term ends; and
– That Marcos’ wealth will be used to implement the Maharlika Investment Fund.
As of writing, the video has generated over 43,000 views, 2,800 likes, and 317 comments. The channel has 424,000 subscribers.
RATING: FALSE
FACTS:
House Bill No. 6608 proposed to source the initial capital for the Maharlika Investment Fund from the Bangko Sentral ng Pilipinas and from government financial institutions such as the Landbank of the Philippines and the Development Bank of the Philippines. An earlier version of the bill included the Government Insurance System and Social Security System as sources of funds, but these were later removed. The bill did not mention, whether implied or explicit, that the Maharlika Investment Fund will be sourced from the wealth of the Marcoses.
It is also false that Marcos Sr., through his last will and testament, promised to distribute his wealth among the Filipino people. An article by Vera Files confirmed that all of Marcos Sr.’s wealth was handed down to his wife, their three children, and Aimee, their adopted daughter. Assuming that Marcos Sr. willed to donate his funds to the Filipino people, the same would have been rescinded because a full version of his will contained a revocation clause.
The video also made several other false claims. For instance, Estrada was impeached on the grounds of graft and corruption and betrayal of public trust among others, and not because some politicians wanted to prevent his implementation of Marcos’s last will and testament. There is also no evidence that the alleged wealth funded the pandemic response of the Duterte administration. In fact, the Philippines had to borrow a significant sum of money from the World Bank for its pandemic response.
Davao Today 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.
Ferdinand Marcos, Maharlika Investment Fund, philippines
