Retail Treasury Bonds (RTBs)

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

This offer has ended.


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 Bureau of Treasury‘s website.

Terms of Offering

Issuer Philippine Government through the Bureau of the Treasury (BTr)
Maturity Date February 11, 2023
Issue & Redemption Price At par (or 100%)
Interest Rate 4.375% (subject to 20% final withholding tax except for tax-exempt institutions)
Interest Payments Quarterly
Minimum Investment Minimum of PhP5,000.00 and in integral multiples of PhP5,000.00

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

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 Feb 26, 2019 – March 8, 2019. 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.


Offer FAQs


  1. If I already have an existing account with the bank I want to buy RTBs from, do I need to open another account specifically for this investment? No, any Peso Account, even an existing one would do. This is where the interest payments will be credited to.
  2. Our client is a tax exempt institution but their certification of exemption is dated 2006. They have a pending request for a certification since last year but BIR has not issued a new certification yet. Can they submit the 2006 certification to avail of the RTB? The institution must have to wait for the BIR certification for them to be exempted from tax prior to availing RTBs.
  3. Is my principal investment guaranteed even if I sell before maturity? Depending on the prevailing market rates during the time of the sell down, there is a possibility that the proceeds may be lower than the principal investment.
  4. Why are there fees involved when the RTBs are traded in the secondary market? The fees represent payment of the service provided by the brokers and of the fixed income trading platforms where the RTBs are traded.
  5. Are RTBs government guaranteed? No because it the government itself is the issuer so it cannot guarantee itself but it is a direct liability of the sovereign to the holder so it is a virtually risk free investment.
  6. Can the RTBs be pre-terminated? No, RTBs cannot be pre-terminated. However, they can be sold through the secondary market.