Treasury raises P210B from retail bonds offered on e-wallet

THE PHILIPPINE GOVERNMENT on Tuesday raised P210 billion from its latest retail Treasury bond (RTB) sale — the third under the Marcos government and the first to accept subscription via an e-wallet.

- By Aaron Michael C. Sy Reporter

The Bureau of the Treasury (BTr) said the move is in line with state efforts to attract ordinary Filipinos into investing in government securities.

“This launch is also timely,” Finance Secretary Ralph G. Recto said at the launch, noting that it comes after the enactment of a measure that promotes efficient capital markets.

“It is time for the capital market not only to cater to experts in finance, but also to the Filipino people. And that’s why we are aggressively making our RTBs available and accessible to everyone,” he added.

BTr data released after the rate-setting auction showed tenders hitting P354.175 billion, almost 12 times the P30 billion offered at the first RTB auction this year.

The five-year RTBs fetch a 6% fixed coupon, down slightly from 6.125% in February 2024. Awarded rates ranged from 5.625% to 6%, averaging 5.943%. Interest will be paid quarterly, the BTr said.

Despite the competitive coupon, the RTB yield was slightly above comparable five-year bonds quoted at 5.9519% in the secondary market, based on PHP Bloomberg Valuation rates.

National Treasurer Sharon P. Almanza said the P210 billion raised exceeded the P162 billion take from the previous RTB issuance, with strong oversubscription observed.

“With the launch of RTB 31 (new RTB due 2030), we aim to further strengthen our commitment to financial inclusion by making government securities even more accessible to the public,” she said in a speech, citing the new GBonds platform accessible via GCash.