Another jet ski joke? BSP, Palace reject Duterte’s claim that Marcos stole gold reserves
MANILA, Philippines — Malacañang thumbed down former president Rodrigo Duterte’s claim that President Ferdinand Marcos Jr. stole the country’s gold reserves.
During a political rally in Mandaue, Cebu, Duterte again criticized his successor, alleging that Marcos had stolen the country's gold and warning that Marcos was turning into a dictator like his father and namesake.
“Hindi ba ito campaign joke ulit ni dating pangulong Duterte? Di pa ba tayo nasanay doon sa jet ski promise niya?” Palace Press Officer Claire Castro said in a press briefing on Monday, February 24.
(Isn't this another campaign joke from former president Duterte? Have we not gotten used to his jet ski promise?)
During a 2016 presidential debate, Duterte famously proclaimed that he would ride a jet ski to the West Philippine Sea to assert the country’s territorial rights, a statement he later recanted, saying those who believed him were foolish.
In a separate statement, the Bangko Sentral ng Pilipinas (BSP) clarified that only they have the authority to manage the country’s gold reserves.
“Tasked to manage the country’s external accounts, among other functions, the BSP has been buying and selling gold over the years as part of its core functions,” the BSP said.
The BSP said that a portion of gold reserves is maintained to either hedge against or offset movements in the market price of other assets.
“Gold prices tend to move in the opposite direction of other assets. Therefore central banks hold some gold as a hedge against price declines in other assets in the reserves. However gold prices can be volatile, earns little interest, and has storage costs, so central banks don’t want to hold too much,” it added.
Castro, fresh from taking her oath in her new role, had some heated words for Duterte.
“Does he not have economic experts that could tell him what the regular activities of the BSP?” Castro said in Filipino.
She also pointed out that whenever Duterte made such claims, he never provided any details or evidence, which is crucial for a lawyer like him.
Castro added that the BSP has been buying and selling gold since Duterte's time as president.
The Palace Press Officer stated that they are taking Duterte’s words seriously but clarified that they do not plan to file charges.
Aside from Castro, veteran broadcaster Jay Ruiz took his oath as the new Ad Interim Secretary of the Presidential Communications Office, following the resignation of Cesar Chavez.
Duterte's tirades against Marcos have seemingly intensified as the 2025 midterm elections approach. Most of Marcos’ senatorial bets have so far dominated poll surveys.
This year’s elections carry an extra weight to it, with the impeachment trial of Vice President Sara Duterte (Rodrigo’s daughter) likely depending on the results of the elections. Half of the Senate will be replaced after the elections in May. While the House of Representatives has already voted to impeach her, it is up to the Senate to convict or acquit her.
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