Claim: Former president Ferdinand E. Marcos proposed the creation of an “Asian dollar” backed by the Marcoses’ large holdings of gold.
Rating: FALSE
Why we fact-checked this: As of writing, the YouTube video posted on January 12 has garnered 60,931 views, 2,300 likes, and 324 comments. The channel currently has 1.32 million subscribers.
The video’s narrator claims: “Sa isang pagpupulong ng mga pinuno ng buong mundo sa Toronto taong 1983, si Pangulong Ferdinand Marcos ay inihayag ang kanyang plano. Ito ay ang lumikha ng isang Asian dollar na sinusuportahan ng mga ginto na pag-aari nito nung siya ay binata pa.”
(In a meeting among world leaders in Toronto in 1983, President Ferdinand Marcos revealed his plan. It was about creating an Asian dollar that would be backed by the gold he has owned since he was a teenager.)
According to the narrator, Marcos supposedly owned 7,000 metric tons of gold, as well as 400,000 metric tons of Tallano gold allegedly deposited in the Bangko Sentral ng Pilipinas (BSP), 192,000 metric tons held in Switzerland, and part of the Yamashita treasure.
The facts: Marcos did not propose the creation of an Asian dollar. The video cites no evidence for its claim, merely repeating long-debunked claims about the mythical Marcos gold.
The claim that Marcos proposed the Asian dollar during a meeting in Canada in 1983 with world leaders is also false. Rappler has previously debunked the claim that he was at such a meeting.
It is also impossible for the Marcoses to supposedly own millions of tons of gold, as current estimates show that around 212,582 tons of gold have been mined throughout history, according to the World Gold Council.
While there is no push for an “Asian dollar,” in 2023, members of the Association of Southeast Asian Nations signed an agreement to increase the use of local currency transactions, a move seen as the regional bloc’s strategy to shift from the US dollar and other established currencies used for trade.
Marcos gold: Rappler and other fact-checking bodies have repeatedly debunked false claims about the Marcoses’ alleged gold ownership. The BSP has also refuted claims that it stores the supposed Tallano gold, clarifying that it has no record of the alleged gold reserves.
Myths regarding the Marcoses’ ownership of gold have remained pervasive online and are used to explain the family’s ill-gotten wealth acquired during the martial law years. The Marcos gold myth has been used during the 2022 elections to promote the idea that another Marcos presidency will allow them to use their supposed vast gold reserves to solve the country’s problems. (READ: From fringe to mainstream: Tracing the myth of the Marcos gold online)
When asked by One News in January 2022, then-presidential candidate Ferdinand Marcos Jr. denied knowing and owning the family’s alleged gold reserves. He has, however, previously made statements to the contrary. – Ramon Franco Verano/Rappler.com
Ramon Franco Verano is a graduate of Rappler’s volunteer program. He is a fourth year History student at the University of Santo Tomas. 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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