Fact checks about countries

FACT CHECK: The PH is not 2nd richest in gold deposits in the world

FACT CHECK: The PH is not 2nd richest in gold deposits in the world
Data from 2022 shows that the Philippines has 157.06 metric tons of gold reserves, a far cry from that of the US, which boasts of having 8,133.46 metric tons of gold reserves

The claim: The Philippines is the second richest country in terms of gold, with the second largest gold deposits in the world. 

Rating: FALSE

Why we fact-checked this: The video was posted on YouTube by an account that boasts of 158,000 subscribers and has accumulated 67,887 views and 266 comments as of writing. 

The facts: The video says that the Philippines is extremely wealthy in gold, claiming: “Ang Pilipinas pala ang pangalawa sa pinakamalaking gold deposits sa buong mundo.”

This claim is not actually new, with similar claims already being debunked by FactRakers and Rappler in 2020. Data collected by the World Gold Council – compiled using International Monetary Fund statistics – showed that the Philippines had 157.06 metric tons of gold in the fourth quarter of 2022. This is a far cry from that of the US, which topped the list with 8,133.46 metric tons of gold reserves. 

The top 5 countries with the most gold reserves in 2022 (in metric tons) are:

  1. United States – 8,133.46
  2. Germany – 3,355.14
  3. Italy – 2,451.84
  4. France – 2,436.75
  5. Russian Federation – 2,298.53

The Philippines, on the other hand, is ranked 26th in terms of gold reserves based on the same data. – 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.

Keep us aware of suspicious Facebook pages, groups, accounts, websites, articles, or photos in your network by contacting us at factcheck@rappler.com. Let us battle disinformation one Fact Check at a time.

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