How to Invest
Choosing the Securities you Want to Buy
Treasury Bills (T-bills)

Issuer Republic of the Philippines
Tenor 91, 182, and 364 days
Currency Philippine peso
Interest Payment Zero coupon, issued at a discount.  Day count convention is Actual/360.
Minimum Amount of Tender PHP10 million
Method of Sale in the Primary Market English Auction Style (multiple price auction) via Government Securities Eligible Dealers (GSEDs) and through negotiated sale.
Who may bid Bank and non-bank financial institutions licensed to deal in the primary market - GSEDs.
Redemption Bills are redeemed at par upon maturity. 
Taxation Interest income subject to 20% withholding tax. Primary market transactions are subject to documentary stamp tax with exemptions provided for secondary market trading. 
Secondary Market Trading Over-the-counter via Securities and Exchange Commission registered brokers and dealers with membership in a Self Regulatory Organization.

Fixed Rate Treasury Notes (FXTNs)

Issuer Republic of the Philippines
Tenor 2, 3, 4, 5, 7,10, 20, and 25 years
Currency Philippine peso
Interest Payment Fixed-rate coupon paid semiannually. Interest accrual basis and day count convention is 30/360.
Minimum Amount of Tender PHP10 million
Method of Sale in the Primary Market Dutch Auction Style via Government Securities Eligible Dealers (GSEDs) and through negotiated sale.
Who may bid Bank and non-bank financial institutions  licensed to deal in the primary market – GSEDs.
Redemption Bonds are redeemed at par upon maturity. 
Taxation Interest income subject to 20% withholding tax.  Primary market transactions are subject to documentary stamp tax with exemptions provided for secondary market trading.
Secondary Market Trading Over-the-counter via GSEDs and non-accredited dealers such as banks, brokers, dealers and other selling agencies that are SEC-licensed.

Retail Treasury Bonds (RTBs)

Issuer Republic of the Philippines
Tenor 3 and 5 years
Currency Philippine peso
Interest Payment Fixed-rate coupons paid quarterly in arrears. Interest on Accrual Basis and Day Count Calculation is 30/360.
Minimum Amount of Purchase Variable up to PHP100,000
Method of Sale in the Primary Market Book-building and Public Offering through appointed underwriters.
Who may buy Individual investors through appointed underwriters. No restriction on foreign investors.
Redemption Bonds are redeemed at par upon maturity.
Taxation Interest Income is subject to 20% withholding tax. Exempt from documentary stamp tax.
Secondary Market Trading Over-the-counter via Government Securities Eligible Dealers (GSEDs) and/or appointed underwriters.