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.
On July 18, 2023, Marcos signed Republic Act No. 11954 which established the country’s first sovereign wealth fund. According to the Department of Finance, the Maharlika Investment Fund optimizes the use of government financial assets to accelerate the country’s economic development.
There is nothing in that law that states that the succeeding presidents will be prohibited from borrowing money.
R.A. No. 4860 also allows the chief executive to obtain foreign loans and credits to finance approved economic development projects.
According to the Bureau of Treasury‘s latest data, the country’s total outstanding debt stood at P16.75 trillion as of end-April 2025. Domestic and foreign debts amounted to P11.59 trillion and P5.16 trillion, respectively.
The Marcos administration inherited a total debt of P12.79 trillion from past administrations, P6.8 trillion of which were incurred during the time of former president Rodrigo Duterte.
The false video circulated four days after Marcos attended the 46th Association of Southeast Asian Nations Summit in Kuala Lumpur, Malaysia from May 26 to 27.
VERA Files has debunked other false claims related to the Maharlika Investment Fund.
The video uploaded by the TikTok user garnered 13,400 reactions, 3,316 comments, 1,559 shares and 213,900 views. The posts from two FB users also collectively garnered 4,000 reactions, 890 comments, 1,327 shares and 102,000 views.
