Government raises P84.9 billion from retail bonds

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

September 30, 2026 | 12:00am

MANILA, Philippines — The national government raised an initial P84.9 billion from its latest retail Treasury bond (RTB) offering, with investor demand exceeding the original offer by more than six times.

The Bureau of the Treasury (BTr) awarded P84.89 billion worth of 2.5-year RTBs at a coupon rate of 6.875 percent. Tenders reached P188.637 billion or 6.3 times the initial P30-billion offer.

RTBs are government debt securities designed to give individual investors an accessible way to lend money to the government while earning a fixed return.

National Treasurer Sharon Almanza said the government expects to raise around P150 billion in fresh funds from the offering, excluding bonds that investors may exchange for the new securities.

“For new money, around P150 billion,” Almanza said.

She added that the amount to be raised through the exchange offer would depend on investor appetite.

The offer period for RTB 32 started yesterday and will end on Oct. 7, subject to the discretion of the BTr. Investors may participate with a minimum investment of P5,000 and in increments of P5,000 thereafter.

The government opted for a relatively short 2.5-year maturity as it marks the 25th anniversary of the RTB program, while also responding to prevailing market conditions.

“It’s the 25th year of the brand, so we really want to commemorate the RTB. Given the environment, we cannot issue a 25-year RTB. Otherwise, it would be very costly for the government,” Almanza said.

She said investor demand is currently concentrated in shorter to medium-term maturities, while the shape of the government securities yield curve also made the 2.5-year segment attractive for the Treasury.

The coupon rate represents the annual interest paid to investors based on the face value of their bonds. For RTB 32, the 6.875-percent annual rate will be paid quarterly.

Finance Secretary Frederick Go said RTBs have become an important channel for broadening public participation in the domestic capital market while helping finance government requirements.

“RTBs have given Filipinos a simple and accessible way to save and invest, while helping finance the development of our country,” Go said.

Since the program began in 2001, RTBs have raised more than P6 trillion for the national government, according to Go.

Go said access to government securities has also widened over the years through online platforms, mobile applications and other digital investment channels.

“Twenty-five years of RTBs have shown us that government borrowing can serve a broader purpose. It can give Filipinos a chance to take part in financing the country’s priorities and, in the process, become more active participants in the financial system,” he said.

The Treasury is also exploring another liability management exercise before yearend, which may involve debt exchanges or switches to manage the government’s maturity profile and borrowing costs.