Treasury Bills
Short-term certificates of indebtedness issued by the National Government which are documented by a Confirmation of Sale (COS) or Confirmation of Purchase (COP). They are considered as risk-free investments in terms of credit risk.

Interest Income is subject to a 20.0% final withholding tax.


Fixed Rate Treasury Notes
Long-term certificates of indebtedness issued by the National Government which yield a fixed rate of interest payable semi-annually and with tenors ranging from 2, 5, 7, 10, 20 years. These are documented by a COS or COP.

Interest Income is subject to a 20.0% final withholding tax.


US Dollar Bonds
Long-term debt obligation of the Philippine Government, denominated in US Dollars, floated outside Philippine shores. These yield a fixed rate of interest payable semi-annually and with tenors ranging from 2 to 25 years and are documented by a Confirmation of Sale (COS).

US$ Bonds are not subject to the 7.50% withholding tax.


BSP Special Deposit Account (SDA) and Reverse Repurchase Agreement (RRP)
short-term liability products of the BSP with tenors range from 3 days to 2 months. These are relatively risk-free investment in terms of credit risk since it is issued by the BSP which is a government agency. These are evidenced by a Participation Agreement. 

Interest on both SDA and RRP is subject to a 20.0% final w/tax