Singapore refuses to pay loans from PH during Marcos regime

Singapore ruled in favor of the National Bank of the Philippines, rejecting the Philippine government’s claim on Marcos’ $23.7 million estate at the Singapore branch of German bank WestLB

At a glance
  • Claim: Singapore refuses to pay loans taken out by the Philippines during the Ferdinand Marcos regime.
  • Evaluation: NOT CORRECT
  • The facts: Singapore’s refusal to pay was not based on loans, but on a decision by its top courts to reject the Philippine government’s claim for late dictator Ferdinand Marcos’ accounts at the Singapore branch of German bank WestLB.
  • Why we fact-checked this: The allegation was made in a video posted on January 20, 2022 to a Facebook page called “Khopars VLOG”. At the time of writing, the video has garnered more than 53,000 reactions, 764,000 views and 3,900 comments.
Complete details

On January 20, 2022, the Facebook page “Khopar’s VLOG” uploaded a video with the caption: “Isiniwalat na the Hindi ibinalita noon. Have you learned Marcoses? singapore can pala sa pilipinas be noon?(What hasn’t been reported so far has been revealed. Why do people love the Marcoses? It turns out Singapore previously borrowed money from the Philippines?)

The video shows a man claiming that Singapore’s prime minister received advice and loans from the dictator during the time of Ferdinand Marcos, and that Singapore would not repay those loans because the funds were ill-gotten.

This claim is wrong.

On December 30, 2013, Singapore Court of Appeal ruled in favor of the Philippine National Bank, $16.8 million (745.9 million pesos, based on the rate of $1 = £44.4 on that day) and £4.2 million ($6.7 million or 298 .3 million pesos; 1 pound sterling = 1.6 dollars) in escrow. .

The funds totaled $23.5 million (1.05 billion pesos). These funds were allegedly the ill-gotten gains that Marcos amassed and deposited with the Singapore branch of German bank WestLB.

Among those claiming this account were the Philippine government, victims of human rights abuses during the dictatorship, and various other foundations and corporations.

A Esquire Philippines The article quoted Lee Kuan Yew’s views on Marcos based on his memoirs. It states that in August 1983 Marcos, then Secretary of Commerce and Industry, tried to apply for a loan of $300-500 million (3.3-5.5 billion pesos; $1 = 11.0 pesos in August 1983). Yew said Singapore’s banks were already funding about $8 billion of Philippine debt by that time.

Depictions such as these contradict the video’s claim that the Philippines were creditors of the Singapore government during the Marcos dictatorship.

On September 30th, 2021 is the Bangko Sentral of Philippines reported that the Philippines owed Singapore $1.5 billion (76.6 billion pesos; $1 = 51.1 pesos on 30 September 2021) in debt to Singapore. – Renzo Arceta/Rappler.com

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