Invest in RTBs for as low as Php5,000


The Retail Treasury Bonds (“RTBs”) form part of the National Government’s program to make government securities available to small investors.


Benefits to Investors:

  • Affordable. They are available for as low as Php5,000 investment and in multiples of Php5,000 thereafter (during the Public Offering).

  • Convenient. You can get them from any branch of BDO and other participating banks and selling agents.

  • Short term Investments.  You may redeem the instrument at maturity (or after the 3-year period) or earlier, upon sale in the secondary market at prevailing market rates.

  • Low Risk. They are direct, unconditional and general obligations of the Republic of the Philippines (“ROP”).

  • Higher Yielding than time deposit rates.  They offer a more attractive return as compared to time deposits.

  • Quarterly Interest Income. Cash flow to investor is more frequent. Interest payments will be made quarterly compared to the regular Treasury bonds, which are paid semi-annually.

  • Negotiable and Transferrable. RTBs can easily be bought and sold in the secondary market through the selling agents subject to minimum requirements and market rates.


During the Public Offering Period, RTBs will be made available by the Bureau of the Treasury (“BTr”) through the selling agents to the following:

Individuals, Corporations, Financial Institutions and other Institutional Investors.


Terms of the Offering:


Republic of the Philippines through the Bureau of the Treasury


: Retail Treasury Bonds (RTB25)

Issue Date

: March 9, 2021

Maturity Date   

: 3 years from Issue Date 

Public Offer Period

: February 9 - March 4, 2021
Issue Price : At par (or 100%)


: At par (or 100%)

Coupon Rate
: 2.375% p.a.


: Quarterly (subject to 20% withholding tax except for tax-exempt


: Uncertificated; to be registered with the National Registry of Scripless Securities (NRoSS) of the BTr


: Minimum denominations of Php5,000 and additional amounts in
multiples of Php5,000


: Negotiable and transferrable

Sinking Fund 

 : The Republic of the Philippines will maintain a sinking fund with the BTr in order to accumulate the amounts necessary to pay the principals of the RTBs


For more information, visit


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

RCBC Capital Corporation

SB Capital and Investment Corporation

Union Bank of the Philippines


The following bonds are eligible for the BTr's SWITCH program as part of the RTB25 offering:

Security Maturity Buyback Price
FXTN 07-57 3/20/2021 100.100
FXTN 10-53 4/28/2021 100.100
RTB 03-09 6/13/2021 100.500
RTB 10-03 10/20/2021 101.000
FXTN 10-55 11/24/2021 101.000


The SWITCH is a low-risk convenient program that will convert your existing investments in the abovementioned securities to the latest RTB 25 issue.


The Switching process is simple! Your investment will be converted at the rate of the stated Buyback Price to RTB 25. To illustrate, let’s use RTB 03-09 as an example. Assuming you have an outstanding investment Php1,000,000 in RTB 03-09, it becomes Php1,005,000 worth of investment in RTB 25.


To make it even better, there are no added costs when you SWITCH! Simply tell your BDO representative you want to make the SWITCH from any of the abovementioned securities to RTB 25, and they will help you process the paperwork.


The interest earned from the investment you tender for the SWITCH program will automatically be credited to your settlement account! It’s a good opportunity for you to reinvest your savings to RTB 25 with no added cost! Your SWITCH will be effective on the Issue Date, March 9, 2021.


By investing in and/or switching to RTB 25, you will benefit from the latest issue of the Philippine Government: a low-risk, fixed-income Treasury Bond that will pay out a fixed gross interest rate over the next 3 years.


Make THE BIG SWITCH to RTB 25 now!


Offer period is from February 9 to March 4, 2021 only.


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