FACT CHECK: NEDA won’t use ‘Marcos World Bank accounts’ as collateral for project loans

Claim: National Economic and Development Authority Secretary Arsenio M. Balisacan during a Malacañang Press Corps (MPC) press briefing on February 3, 2023 said that the World Bank accounts of the Marcos family will be used as collateral guarantee for the government’s loans for big-ticket infrastructure projects .

Rating: FALSE

Why we fact-checked this: The YouTube video containing the claim has over 31,000 views as of writing. 

Not said: The transcript of Balisacan’s press briefing shows that the NEDA chief didn’t mention the alleged World Bank accounts of the Marcos family. 

What was discussed in the briefing: In the briefing, Balisacan discussed several infrastructure projects and their source of funds which are from Official Development Assistance (ODA) loans from several institutions:

• New Dumaguete Airport Development Project – estimated to cost P17 billion, of which P13 billion will be funded through an ODA loan from the Korean government. The Department of Transportation will shoulder the remaining P3.9 billion.
• Mindanao Inclusive Agriculture Development Project (MIADP) – estimated to cost around P6.6 billion, of which P5.3 billion is to be financed through an ODA loan from the World Bank and the rest to be shouldered by the Department of Agriculture and local government units (LGU).
• Integrated Flood Resilience and Adaptation (InFRA) Project–Phase I – estimated to cost P20 billion which will be financed through an ODA loan from the Asian Development Bank.

Aside from these projects, Balisacan also discussed the Davao Public Transport Modernization Project and the Metro Rail Transit Line 3 (MRT 3) Rehabilitation Project.

NEDA Board’s approval of the University of the Philippines–Philippine General Hospital (UP-PGH) Cancer Center Public Private Partnership (PPP) project and the utilization of Japan International Cooperation Agency’s (JICA) loan balance for the Communications, Navigation, Surveillance/Air Traffic Management System (CNS/ATM) were also discussed in the press briefing. 

Not an ordinary bank: It’s also impossible for the Marcos family to have accounts in the World Bank because it does not function like a regular commercial bank, and it only works with countries and governments. – Lorenz Pasion/Rappler.com

Keep us aware of suspicious Facebook pages, groups, accounts, websites, articles, or photos in your network by contacting us at factcheck@rappler.com. You may also report dubious claims to #FactsFirstPH tipline by messaging Rappler on Facebook or Newsbreak via Twitter direct message. You may also report through our Viber fact check chatbot. Let us battle disinformation one Fact Check at a time.