MANILA, Philippines – Hundreds of Filipinos gathered in front of the Bangko Sentral ng Pilipinas (BSP) in Manila on Wednesday morning, May 8, to claim the supposed hidden wealth intended for the public. 

Under the heat, the people, mostly elderly, clutching umbrellas, marched approximately three kilometers from the Quirino Grandstand to the BSP building along Mabini Street. They came from different provinces across the country.

Among them was Gilbert Langres, founder of Democratic and Republican Guardians Philippines Inc., who alleged that the central bank is hiding a P19.5 trillion public fund. 

Under the administration of President Ferdinand  Marcos Jr., he said in an interview with DZRH, that the supposed public wealth should be released. 

Displaying a slightly crumpled piece of paper bearing the BSP heading as purported evidence of the hidden wealth, he claimed it was a 2005 certification from the treasury department. He was evasive, however, when asked about the document’s origins.

All he said was, “Meron itong pinanggalingan (It has a source). ”

Following the massive gathering of people outside its office, the BSP said that “it does not directly distribute money to the people.”

“Instead, the BSP provides a dividend to the government to contribute to programs that can improve the livelihood of Filipinos,” the central bank said.

The BSP said it is working with the national government to boost the economy, keep commodity prices stable, and create jobs.

Marcos’ ‘hidden wealth’

One myth that has been surrounding the Marcos family is the so-called Tallano gold – supposedly hidden in the BSP. As early as 2011, this narrative about the Tallano gold already started to spread on Facebook, a Rappler investigation showed.

Before the 2022 elections, the Marcoses and their supporters propagated these myths to justify their wealth and push for another Marcos presidency.

A series of studies showed that the years of online propaganda and disinformation campaigns that sought to rehabilitate the family’s image catapulted Marcos Jr. to the presidency.

Supporters believe this gold is for the Filipino people and would be distributed upon the reestablishment of a “Bagong Lipunan” or “New Society,” a movement created by the dictator Marcos during his tenure.

However, the BSP had previously debunked the claim about the so-called hidden Marcos gold. There is also no strong evidence that points to the existence of the fabled Marcos gold.

Early this year, the President held a massive and expensive rally to launch a movement – “Bagong Pilipinas,” reminiscent of his father’s.

The 21-year-rule of the late dictator Marcos was marred by corruption, killings, torture, disappearances, and media oppression. 

In April, inflation disproportionately affected impoverished households and areas outside Metro Manila, driven primarily by surging rice prices, El Niño-induced crop damage, and the peso’s depreciation against the dollar.

The national inflation rate rose to 3.8%, slightly surpassing the 3.7% recorded in March. 

Rappler had fact-checked previous false claims pertaining to the so-called Marcos gold: 

• FACT CHECK: No Marcos gold bars deposited in World Bank
• FACT CHECK: Video doesn’t show evidence of Marcos revealing family’s gold account
• FACT CHECK: Marcos Sr. Letter of Instruction prescribing distribution of gold does not exist
• FACT CHECK: Marcos didn’t have 50-year gold time deposit
• FACT CHECK: No such thing as Marcos gold account in Australia

– with reports from Pauline Macaraeg/Rappler.com