FACT CHECK: No mention of Maharlika fund in Marcos’ last will

Claim: The Maharlika Investment Fund (MIF) was mentioned in the last will and testament of the late dictator Ferdinand E. Marcos. His son, President Ferdinand Marcos Jr., will also invest the family’s wealth into the fund.

Rating: FALSE

Why we fact-checked this: The claim was made in the title of a YouTube video posted on July 18 which has 23,000 views, 1,400 likes, and 190 comments as of writing. The channel that posted the video has been fact-checked by Rappler multiple times for making false statements about the Marcos family.  

The video’s title reads: “SA WAKAS MARCOS WEALTH PWEDE NG IPASOK NI PBBM SA MAHARLIKA FUND! LAST WILL NI APO LAKAY PIRMADO NA!”

(Finally, PBBM can deposit Marcos wealth into the Maharlika Fund! Apo Lakay’s last will has been signed!)

The video shows footage of Marcos signing the law creating the MIF on Tuesday, July 18. 

The bottom line: The late Marcos’ last will and testament made no mention of reinvesting his family’s wealth into the MIF or for any fund for the benefit of the Filipino people. Signed on June 23, 1988, Marcos’ will stated that all of his estate “of every nature and kind” would be bequeathed to his wife and four children.

Furthermore, the video does not provide any evidence to back up its claim. Instead, it only showed RTVM footage of Marcos signing the new law. The President’s speech also does not mention reinvesting the family wealth into the fund.

Source of funds: Republic Act No. 11954, known as “An Act Establishing the Maharlika Investment Fund, Providing for the Management, Investment, and Use of the Proceeds of the Fund, and for Other Purposes,” states that the initial capital and funding for the MIF will come from government financial institutions and the national government.

The Act states that P50 billion will come from the Land Bank of the Philippines, P25 billion from the Development Bank of the Philippines, and P50 billion from the national government. 

Purpose of the fund: The objective of the sovereign wealth fund is to “promote socioeconomic development.” It will be used by the government to invest in domestic and foreign corporate bonds, commercial real estate, and infrastructure projects, among others. 

The controversial measure was signed amid lingering criticism, particularly over concerns related to the potential for corruption and mismanagement.

Previous fact-checks: Rappler has previously fact-checked similar false claims that the MIF will use Marcos’ wealth, as well as those related to Marcos’ last will:

• FACT CHECK: Maharlika fund won’t draw from ‘Marcos wealth’
• FACT CHECK: No ‘Marcos wealth’ to be reinvested in Maharlika fund 
• FACT CHECK: No mention of freeing farmers from debt in Marcos’ last will
• Marcos’ last will did not state that his wealth would be used for nat’l programs
• FACT CHECK: Wala sa huling habilin ni Marcos ang banggit ng ginto o sambayanang Pilipino

– Katarina Ruflo/Rappler.com

Katarina Ruflo is a graduate of Rappler’s fact-checking mentorship program. This fact check was reviewed by a member of Rappler’s research team and a senior editor. Learn more about Rappler’s fact-checking mentorship program here.

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