A video circulating online claims that President Ferdinand “Bongbong” Marcos has signed a new law preventing the Philippines from borrowing money. This is false.
On June 1, a TikTok user posted a one-minute and 59-second video commending Marcos for supposedly enacting the law. Two Facebook (FB) users also re-uploaded the video.
The video bore the text:
“NATAWA AKO DITO SA BAGONG BATAS. Pbbm nilagdaan ang batas na bawal na mangutang ang pilipinas (I LAUGHED AT THIS NEW LAW. Pbbm signs law prohibiting the Philippines from borrowing).”
It also carried a screenshot of a news report about the signing of the Maharlika investment fund. The headline read:
“MAHARLIKA INVESTMENT FUND, PINIRMAHAN NA NI PBBM; ISA NANG GANAP NA BATAS (MAHARLIKA INVESTMENT FUND, SIGNED BY PBBM; NOW A LAW).”
At the 00:52-second mark, the TikTok user said:
“Ito na, nilagdaan po ni PBBM ‘yung batas na bawal nang mangutang ang Pilipinas sa ibang bansa. So ‘yung uupong presidente sa 2028, hindi na siya pwedeng mangutang. So pagkasiyahin niya, i-budget niya, ‘yung makokolektang tax, ‘yung tax from tax payer (This is it, PBBM signed the law that prohibits the Philippines from borrowing from other countries. So the president who will assume office in 2028 will no longer be able to borrow and must just budget the tax that will be collected from taxpayers).”
This is false. The Maharlika Investment Fund Act, signed into law by the President in 2023 does not prohibit the government from borrowing money either.
Read the full story on VERA Files Fact Check.