Invest in RTBs for as low as PHP5,000


The 29th Tranche of Retail Treasury Bonds (“RTB”) (“RTB29”) form part of the National Government’s program to make government securities available to retail investors.


Benefits to Investors:

  • Sovereign Backing. RTBs are peso-denominated investment securities issued by the Republic of the Philippines. Investments in RTBs are direct obligations of the Republic and are thus considered Investment grade.

  • Affordable. RTBs are affordable investments with a minimum placement amount of PHP5,000.

  • Frequent Interest Payments.  RTBs pay interest quarterly.

  • Relatively Higher Yield. RTBs offer relatively higher yields compared to savings and deposit instruments.

  • Convenient. RTBs can be purchased from any of the Selling Agent banks. Investors can even use their existing savings account as the settlement account for the placement of RTBs and receipt of interest.

  • Negotiable and Transferrable. RTBs have an active secondary market where investors can buy and sell government securities.


During the Public Offer Period, RTBs will be made available by the Bureau of the Treasury (“BTr”) through the Selling Agents to the following:


Individuals, Corporations, Financial Institutions, Cooperatives, Retirement Funds, Provident Funds, and other Institutional Investors.


Switch Program


RTB29 also offers a Bond Exchange mechanism for the following Eligible Bonds:


Coupon Rate


Exchange Ratio

FXTN 05-75


March 8, 2023


FXTN 07-58


April 21, 2023


FXTN 20-05


May 29, 2023



Bondholders of the maturing Eligible Bonds have the option to convert their holdings to the new RTB29.


Terms of the Offering:


Republic of the Philippines through the Bureau of the Treasury


Retail Treasury Bonds – Tranche 29

Issue Date

[February 22, 2023]

Maturity Date

5.5 years (5 years and 6 months) from Issue Date

Public Offer Period*

February 7 to [February 17, 2023]

Issue Price

At par (or 100%)

Redemption Price

At par (or 100%)

Coupon Rate

6.125% gross p.a.


20% final withholding tax on interest income



Listing and Trading

Philippine Dealing and Exchange Corporation


Minimum denominations of PHP5,000 and in increments of PHP5,000 thereafter


Negotiable and transferrable

* The BTr has the discretion to adjust the Public Offer Period

** Not applicable for tax-exempt institutions


Joint Lead Issue Managers:

Development Bank of the Philippines

Land Bank of the Philippines


Joint Issue Managers:

BDO Capital & Investment Corporation

BPI Capital Corporation

China Bank Capital Corporation

First Metro Investment Corporation

PNB Capital and Investment Corporation

SB Capital Investment Corporation

Union Bank of the Philippines


Offer period is from February 7 to [February 17, 2023 only*].

* The BTr has the discretion to adjust the Public Offer Period



For more details, visit: or contact your BDO representative now.