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In this video tutorial, the presenter explains how to hide the placeholder text in content control form fields when creating fillable forms in Microsoft Word. The placeholder text appears in light gray to prompt users to fill in the form. To hide it, users should enter design mode and highlight the placeholder text, ensuring to include the period at the end. After highlighting, right-click to access the font options, where they can check the "hidden" box under font effects. The video is part of a playlist focused on creating fillable forms and encourages viewers to explore additional resources on the channel.