FACT CHECK: Marcos did not buy nuclear power plant using billion-dollar interest from US account

Claim: President Ferdinand Marcos Jr. acquired a nuclear power plant for the Philippines using the $1 billion interest from their family’s account in the United States. 

Rating: FALSE

Why we fact-checked this: The Facebook video was posted on May 10 with the title “MALAKING GULO TO! GRABE PRES BBM! BUMILI NG NUKLEAR! GINAMIT ANG MARCOS ACCOUNT! CHINA NABAHALA NA!!” (This is a huge mess! Pres BBM bought nuclear! Using the Marcos account! China got alarmed!) It has 85,000 views, 6,900 reactions, and 706 shares as of writing. 

The video uses clips from Marcos’ statement at the conclusion of his week-long official visit to the US from April 30 to May 4, 2023. In the Facebook video bearing the false claim, the narrator implied that the President would personally withdraw money from a supposed Marcos account in the US:

“Isang bilyon na interest ng dolyares, ito ang napakalaking halaga na pinakuhang pera ni PBBM sa US. Ayon sa nakalap nating impormasyon, hindi lang puro depensa ang prayoridad niyang maiuwi sa Pilipinas, kung hindi maging ang pera na mawi-withdraw niya pagbalik ng Pilipinas.” 

(One billion dollar interest, this is the huge amount of money PBBM asked to withdraw from the US. According to the information we gathered, he is not only prioritizing bringing home defense [agreements] but also the money that he will withdraw and bring back to the Philippines.)

The video also claims that the President will use the billion-dollar interest to build a nuclear power plant in the Philippines. 

Investment pledges, not interest: The Facebook video uses a clip of Marcos’ statement during his post-visit report, in which the President reported that he clinched over $1.3 billion of investment pledges that have the potential to create 6,700 new jobs. Nowhere in the six-minute statement did he mention any so-called “Marcos account” in the US, nor any reference to a billion-dollar interest from such an account.

Still in talks: Although Marcos is eyeing nuclear energy to prevent a potential power crisis in the country, these discussions are still ongoing. During his US visit, Marcos met with Oregon-based NuScale Power Corporation, which expressed interest in investing between $6.5 to $7.5 billion to develop a small nuclear power system in the Philippines. 

Posts from Marcos’ official Facebook page and the Philippine News Agency only reported that a meeting had occurred, but no agreement has been secured. NuScale is yet to conduct a study for potential nuclear power plant sites in the country. – Ailla Dela Cruz/Rappler.com

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