A YouTube video made a number of untrue claims about the purported wealth of the Marcos family and the proposed Maharlika Investment Fund (MIF).

Below, VERA Files Fact Check debunks five false claims made in the video published Jan. 15 video by YouTube channel Filipino Future (created on Feb. 23, 2020).

Claim #1

Claim	Rating
The Maharlika fund pools together “all the wealth, assets including gold, dollars, investments, profits, and other national treasures of the Philippines, and excess funds of different government agencies.”	FALSE

FACT: Nowhere in House Bill 6608 does it say that the MIF will combine in one place “all the wealth, assets and excess funds” of the state.

The bill states that the following shall be the MIF’s initial funding sources:

• the Landbank of the Philippines, P50 billion
• Development Bank of the Philippines, P25 billion
• Bangko Sentral ng Pilipinas, 100% of its dividends for the first and second fiscal years of the MIF
• Philippine Amusement and Gaming Corporation and other government-owned gaming operators, at least 10% of gross gaming revenue streams
• other sources such as royalties from natural resources, proceeds from privatization from government assets, and borrowings by the MIF.

Claim #2

Claim	Rating
Ex-president Joseph “Erap” Estrada was impeached to prevent him from carrying out Ferdinand Marcos Sr.’s last will and testament. He wanted to distribute the Marcos wealth.	FALSE

FACT: Estrada, who was president from 1998 to 2001,...

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