Marcos gold myth

FACT CHECK: Marcos’ gold account won’t be used to advance science and tech in PH

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FACT CHECK: Marcos’ gold account won’t be used to advance science and tech in PH
The video shows Marcos' speeches at the NRCP Annual Summit and Comelec National Summit

Claim: Marcos’ gold account will be used to promote the development of science and technology in the Philippines.

Rating: FALSE

Why we fact-checked this: The false claim on YouTube was posted by PweDelie TV with the title: “WOW PANGULONG BBM GAGAMITIN NA ANG MARCOS ACCOUNT PARA SA ADVANCED TECHNOLOGY NG PILIPINAS?” (Wow President BBM will already use the Marcos account to advance Philippine technology?) The video has had 25,000 views and 52 comments as of writing.

What the video shows: The video displays a document dated January 12, 1983, which claims to be a certificate of bank insurance guarantee issued by Banco de Oro Unibank. This certificate, which has been fact-checked previously, suggests that the bank insured a deposit of cash and gold bullion amounting to $943 trillion with an authorized insurance company.

The certificate image features instructions for budget allocation, which say that 70% of the total value should be directed towards government programs such as infrastructure, agriculture improvement, environmental rehabilitation, and technological enhancement.

The supposed certificate of bank insurance guarantee contains the signatures of former president Ferdinand E. Marcos and Banco de Oro’s then-chief executive officer Roberto R. Lapid. The document doesn’t make any explicit mention, however, of the cash and gold bullion being the property of the Marcos family.

The video does not provide any further evidence either regarding the claim, but instead features Marcos’ speeches at two different events, one at the National Research Council of the Philippines (NRCP) Annual Summit and the Comelec National Election Summit, where he made no mention whatsoever of anything related to his supposed gold account or any science and technology advancement program in the country.

Identical claims: Although there is lack of evidence and supporting documentation, claims still persist about the supposed substantial gold reserve owned by the Marcos family. The Marcos gold claims have been employed in various contexts, including the enhancement of the technology and agricultural sectors of the country and the President’s state visits overseas.

Rappler’s fact-checkers have refuted these claims of the Marcos family supposedly possessing a significant undisclosed gold account from the same YouTube channel.

At the NRCP annual summit, Marcos only vaguely mentioned the country’s science and technology advancement plan, while at the Comelec summit, he endorsed the use of technology for the election process without specifying any particular strategies. – Jezreel Ines/

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