Retail Treasury Bonds (RTBs)

Low risk, fixed-term investments issued by the Philippine Government to help you invest in a better future.

Offer period: July 16, 2020 to August 7, 2020


Retail Treasury Bonds (RTBs) are medium to long-term investments issued by the Philippine government. They form part of the Government’s program to make securities available to small investors.

Whether you’re an individual or a corporation, RTBs allow you to invest and grow your money with very low risk of losing. It’s considered a fixed income security, which means that you earn a fixed interest rate based on the principal market given on a quarterly basis.

This is for investors looking for:

  • A low-risk investment
  • An accessible investment
  • A higher-yielding investment

For more information about Retail Treasury Bonds, visit the Bureau of the Treasury‘s website.

Terms of Offering

Issuer Philippine Government through the Bureau of the Treasury (BTr)
Issue Retail Treasury Bonds Tranche 24 (“RTB 24” or “Progreso Bonds”) with Bond Exchange
Issue Date August 12, 2020
Issue & Redemption Price At par (or 100%)
Gross Rate
2.625% (subject to 20% final withholding tax except for tax-exempt institutions)
Interest Payments Quarterly
Minimum Investment Minimum of P5,000.00 and in integral multiples of P5,000.00

Note: The Republic, through the BTr, reserves the right to revise the timetable. You will be advised accordingly of any change in the timetable.

Invest in our Retail Treasury Bonds now with a rate of 2.625% per annum! Offer period is from July 16, 2020 to August 7, 2020

Why Invest in Retail Treasury Bonds?

Low-Risk Investment

Retail Treasury Bonds are direct and unconditional obligations of the Republic of the Philippines.

Quarterly Interest Income

They offer fixed quarterly interest income compared to other financial instruments.


They can easily be bought or sold in the secondary market through PDEX accredited brokers like Security Bank.

About RTBs
  1. What are Retail Treasury Bonds (RTBs)? The RTBs are part of the government’s savings mobilization program designed to make government securities available to retail investors, hence, the name Retail Treasury Bonds. They are issued by the Republic of the Philippines through the Bureau of the Treasury (BTr). This issue of the RTBs will have a maturity of 5 years. Interest will be paid quarterly compared to the regular Treasury Bonds which are paid semi-annually.
  2. Why invest in RTBs? The RTBs are designed to be a low-risk, higher yielding and affordable savings instrument. They are considered credit risk-free /default free because they are direct, unconditional and general obligations of the Republic of the Philippines. RTBs are higher-yielding, as their interest rates are superior to other investments. RTBs are affordable. The minimum denomination is only PHP 5,000 and in multiples of PHP 5,000 thereafter.
How to Invest in RTBs


  1. Who can purchase the RTBs? The RTBs aim to cater to retail investors such as individuals and corporations who are looking for a low-risk, accessible and higher-yielding investment for their savings.
  2. When and where can an investor purchase RTBs? The RTBs will be sold to the public during the Offer Period which is scheduled from July 16, 2020 to August 7, 2020. This is the designated period given to the public to subscribe to the RTBs through the Issue Managers and the other Selling Agents. Since only a limited amount of RTBs will be issued, the BTr has the option to shorten the Offer Period. The terms and conditions applicable to the RTBs as well as copies of the complete documentation will be made available by each of the Issue Managers and Selling Agents during the Public Offer Period. After the Public Offer Period, investors may still purchase the RTBs in the secondary market at prevailing market rates.
  3. How does an investor participate in the offer period? Investors may purchase the RTBs over the counter from the Selling Agents, subject to the documentary and minimum investment requirements of each Selling Agent. Payment procedures for investments in RTBs may vary per Selling Agent. Investors will be required to open a peso deposit account or designate an existing peso account where interest and principal payments of the RTBs will be credited.


Ownership of RTBs


  1. What are the risks involved in investing in RTBs? The RTBs are considered having the lowest creditrisk because they represent the direct and unconditional obligation of the government, thereby enjoying the highest certainty of payment. The yield is assured if the investor holds on to the bond until maturity, otherwise it will be subject to interest rate risk depending on the prevailing market rate at the time the RTBs are sold in the secondary market.
  2. What is an investor’s proof of ownership? The Selling Agents will sell the RTBs to individuals and other investors on a non-recourse basis, documented through confirmation of outright sale (COS) / confirmation advise issued by the Selling Agents in favor of the investor. Investors may pick up this Confirmation of Sale a few days after the close of the Public Offer period from the offices of the Selling Agents. No certificate will be issued to investors, as their ownership will be registered electronically under the BTr’s National Registry of Scripless Securities (NRoSS).
  3. Can an investor sell his RTBs after the Issue Date? RTBs are considered marketable securities and have been traded in the secondary market. The Selling Agents from whom the RTBs were purchased may assist the investor, on a best-efforts basis, in selling the RTBs in the secondary market at prevailing market rates. At the time of sale, the RTBs may trade at a premium or discount to face value.
  4. Are RTBs tax-free? Interest income on RTBs is subject to the 20% final withholding tax. Only tax-exempt institutions, duly-certified as such by the Bureau of Internal Revenue, are exempt from payment of the 20% final withholding tax.