A family of Microsoft presentation graphics products that offer tools for creating presentations and adding graphic effects like multimedia objects and special effects with text.
This appears to be another case of useful capabilities that wither and die. In PowerPoint 2003 and 2007, the highlighter colors remain transparent when they overlap, giving the effect you describe. Starting with PowerPoint 2010, the colors are transparent while you draw, but as soon as you stop they become opaque and the color mix disappears. Since this behavior continues in 2013 and 2016, I doubt that Microsoft is going to change it back.
There's always the good old overhead projector with colored gels, software upgrades don't affect it.
BTW, you might want to delete your other 3 posts on the same subject. Once someone replies, you can't delete them.