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Government Securities 

Government Securities (GS) are unconditional obligations of the Republic of the Philippines.  These are relatively free from credit risk because the principal and interest are guaranteed by the National Government, backed by the full taxing power of the sovereignty.  However, there may be market risks due to changes in the interst rates.

The Philippine Government issues both Peso and US Dollar denominated securities. There are two kinds of Peso Government Securities (GS): (1) Treasury Bills and (2) Treasury Bonds. Treasury Bills are obligations with maturity of one year or less, typically issued at a discount to the maturity value. Treasury Bonds are obligations with maturities ranging from 2 years to 25 years, typically issued at par with periodic coupon payments to be made up to final maturity. Some bonds may be issued without coupons and these are known as zero coupon bonds.

As for the dollar denominated GS, it has tenors of up to 25 years. Interest rates are paid semi-annually based on a fixed coupon rate.

Peso

   a.  Treasury Bills (TBills)

  • Minimum investment - PhP100,000.00
  • Tenor: 91days, 182 days and 364 days (mature in less than one year)
  • Coupon: no coupon; income is the discount
  • Tax: 20% Tax on discount is withheld at source. 
b. Fixed Rate Treasury Notes (FXTNs)
  • Minimum investment - PhP100,000.00
  • Tenor: 2 years to 25 years
  • Coupon: Interest Coupon is payable semi-annually
  • *Tax: Interest Coupon is subject to 20% withholding tax
c. Retail Treasury Bonds (RTB)
  • Minimum investment - PhP100,000.00
  • Tenor: 2 years to 25 years
  • Coupon: Interest Coupon is payable quarterly
  • *Tax: Interest Coupon is subject to 20% withholdingTax
* Tax exempt Institutions are not subject to 20% withholding tax.

US Dollar
Republic of the Philippines (ROP) Bonds
  • Minimum investment - USD100,000.00
  • Tenor: 1 year to 25 years
  • Coupon: Interest Coupon is payable semi-annually
  • Tax: Interest Coupon is not subject to withholding tax

To know more about our products, you may get in touch with the following Treasury Marketing Officers/Staff at Tel Nos. (02) 815-1518; (02) 818-9511 locals 3822 and 3825:

Lorena Go-Espanol - Sales Officer
Melea M. Maldia - Sales Officer
Maryrose G. Espino - Sales Officer
Alyssa Joy M. Navarro - Sales Officer
Laraine Anne F. Arandia - Sales Specialist
Neil Clifford Tandoc - Sales Associate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 
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