MANILA, Philippines — Malacañang and the Bangko Sentral ng Pilipinas (BSP) on Monday denied former President Rodrigo Duterte’s claim that President Ferdinand Marcos Jr. was involved in the sale of the country’s gold reserves, dismissing it as a “campaign joke.”

Presidential Communications Office (PCO) Undersecretary Claire Castro said Duterte’s statement was misleading and clarified that the BSP independently manages the country’s Gross International Reserves (GIR), including gold.

“Sinabi nga dito ang pagbebenta ng gold, kung mataas ang dapat ibenta,” Castro said in a Palace briefing, explaining that the BSP sells gold when prices are favorable as part of its standard operations.

She also noted the government’s commitment to addressing misinformation following the former chief executive’s claims.

“We will take this seriously para naman hindi magkaroon ng fake news lalo na sa mga taong nakikinig sa kanya, at maaaring naniniwala,” Castro said.

In a separate statement, the BSP affirmed that the country’s GIR is managed solely by the central bank and is used to meet foreign exchange requirements. Any proceeds from gold sales remain within the reserves.

“The country’s gross international reserves (GIR), including gold, are held and managed solely by the BSP in order to maintain the international stability and convertibility of the Philippine peso and meet any foreseeable net demands on the Bangko Sentral for foreign currencies,” the BSP said.

The central bank also assured the public that it retains a portion of its reserves in gold to safeguard against market fluctuations.