Claim: The last will and testament of former president Ferdinand E. Marcos mentions a “Wealth for Humanity” fund for the benefit of the Filipino people.
Rating: FALSE
Why we fact-checked this: The YouTube video was posted on July 24 by a channel notorious for spreading dubious information about the Marcoses and the Philippine government. As of writing, it has 71,576 views, 3,400 likes, and 551 comments.
The video’s narrator claims that Marcos named the Filipino people as the beneficiary of a supposed “Wealth for Humanity” fund deposited in the World Bank.
The video presented various supposed evidence for its claim: a speech where Marcos purportedly talked about his properties, a statement by alleged World Bank “whistleblower” Karen Hudes, and several supposed documents about the fund.
The bottom line: Rappler and other fact-checking bodies have long debunked claims about mentions of a supposed “Wealth for Humanity” in Marcos’ last will or instructions for the use of his assets to benefit the Filipino people.
Portions of the late dictator’s last will dated March 17, 1982, have been made public in news items published by ABS-CBN and GMA News in 2016. They showed that Marcos requested to be buried in the Libingan ng mga Bayani.
Another known text of Marcos’ will, signed on June 23, 1988, stated that his estate would be bequeathed to his wife and children. Neither version mentions a supposed wealth fund for the Filipino people.
Dubious sources: The video’s supposed evidence for its claim is suspect. The footage of Marcos making a speech was from his September 1982 National Press Club speech in the United States, where he addressed allegations of human rights abuses and corruption under Martial Law but did not talk about any supposed wealth fund.
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In 2014, the World Bank also issued a statement regarding Hudes, its former staff member, saying that any claims by Hudes or her proxies “are false and should not be viewed as credible.” Fact-checking bodies have previously debunked the supposed whistleblower’s claims about the Marcoses and the alleged existence of the Marcos gold deposited in the World Bank. Contrary to the claim, neither Marcos nor any individual person could have gold deposits in the World Bank as the latter works with countries or governments rather than individual persons.
Ill-gotten wealth: Switzerland’s Federal Supreme Court ruled in 2009 that the assets stored by the late dictator in Switzerland are “ill-gotten” wealth. The Presidential Commission on Good Government, the agency mandated to retrieve the stolen assets, has so far recovered P280 billion cash and non-cash ill-gotten wealth.
Rappler has published several fact checks on Marcos’ last will and testament:
- Walang iniwan na trust fund si Ferdinand Marcos para sa sambayanang Pilipino
- FACT CHECK: No ‘Marcos wealth’ to be reinvested in Maharlika fund
- FACT CHECK: Maharlika fund won’t draw from ‘Marcos wealth’
- FACT CHECK: Marcoses barred from recovering forfeited assets
- FACT CHECK: No such thing as Marcos gold account in Australia
- FACT CHECK: No mention of Maharlika fund in Marcos’ last will
— Kyle Marcelino/Rappler.com
Kyle Marcelino 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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