24-2-2025 (MANILA) In a sharp rebuke to allegations made by former President Rodrigo Duterte, Malacañang Palace has categorically denied claims regarding the purported mishandling of the nation’s gold reserves by President Ferdinand Marcos Jr.
The controversy erupted following Duterte’s weekend rally remarks in Cebu, where he not only accused the current administration of gold reserve impropriety but also suggested a concerning shift towards autocratic governance.
The Bangko Sentral ng Pilipinas (BSP) has emerged as a significant player in global gold trading, having been recognised as the world’s premier gold seller last year. The central bank maintains that such transactions are routine measures designed to optimise returns whilst preserving the fundamental purpose of gold holdings as a security measure.
Recently appointed Palace Press Officer and PCO Undersecretary, Atty. Claire Castro, questioned the timing and motivation behind Duterte’s recurring allegations, particularly highlighting his legal background as both a former prosecutor and lawyer. She emphasised the peculiar nature of his claims, given his presumed understanding of evidentiary requirements.
In a pointed critique, Castro drew parallels between these allegations and previous unfulfilled campaign promises, notably referencing Duterte’s infamous “jet ski” pledge. She suggested a pattern of public manipulation, recalling instances where his supporters were dubbed “stupid” for their unwavering belief in his pronouncements.
The BSP has issued a clarifying statement, emphasising its exclusive authority over the country’s gross international reserves, including gold holdings. These assets, they assert, serve solely to meet the nation’s foreign exchange requirements and as a hedge against market volatility.
Castro further challenged Duterte’s assertions regarding a supposed resurgence in illegal drug activities and crime rates in key cities, including Davao, where his son, Mayor Baste Duterte, currently serves as local chief executive. She pointedly questioned whether such claims inadvertently cast doubt on his son’s administrative capabilities.
The Palace’s communications office has pledged to intensify efforts against misinformation, expressing concern about the potential economic ramifications of unchecked false narratives. Castro emphasised the critical importance of maintaining public access to factual information, particularly regarding matters of national significance.
