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In this video tutorial, the presenter explains how to hide the placeholder text in content control form fields used to create forms. The placeholder text typically displays in light gray to guide users in filling out the form fields. To hide this text, the user must first enter design mode and highlight the placeholder text, including the period. After selecting the text, right-click and choose the font option, where they can find a font effects box with a "hidden" checkbox. This method allows users to remove the placeholder text from view. Viewers are encouraged to check the playlist on the channel for more fillable form tutorials.