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 (during the Public Offering).

  • Convenient. You can get them from 21 banks and selling agents

  • Short term Investments.  You may redeem the instrument after the 3-year period.

  • 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

Issue Date

: February 11, 2020

Maturity Date   

: 3 years from Issue Date 

Public Offer Period

: January 28 - February 6, 2020
Issue Price : At par (or 100%)


: At par (or 100%)

Coupon Rate
: 4.375% 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



If you invested in RTB 19 / RTB 03-08 which will mature on April 11, 2020, you are eligible to participate in the Bureau of the Treasury’s SWITCH program.


The SWITCH is a low-risk convenient program that will convert your existing RTB 19 investment to the latest RTB 23 offer of the government. 


The Switching process is simple! Your RTB 19 investment will be converted at the rate of 100.1% to RTB 23. That means for every Php1,000,000 invested in RTB 19, it becomes Php1,001,000 worth of investment in RTB 23.


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 RTB 19 to RTB 23, and they will help you process the paperwork.


The interest earned from your RTB 19 investment from January 12, 2020 to February 11, 2020 will automatically be credited to your settlement account! It’s a good opportunity for you to reinvest your savings to RTB 23 with no added cost! Your switch will be effective on the Issue Date, February 11, 2020.


By investing in and/or switching to RTB 23, 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 23 now!


Offer period is from January 28 to February 6, 2020 only.


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