MODEL PORTFOLIO
THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
investment-ss-3
Reports
Policy rate views: Fed expected to do baby steps
DOWNLOAD
economy-ss-9
Economic Updates
Inflation Update: Faster but full-year average within target
DOWNLOAD
948 x 535 px AdobeStock_433552847
Reports
Monthly Economic Update: Waiting on Jay Powell
DOWNLOAD
View all Reports
Metrobank.com.ph How To Sign Up
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • Deficit spending remains unabated

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph How To Sign Up
Access Exclusive Content Login to Wealth Manager
Search
MODEL PORTFOLIO THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
investment-ss-3
Reports
Policy rate views: Fed expected to do baby steps
September 18, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Inflation Update: Faster but full-year average within target
September 5, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Reports
Monthly Economic Update: Waiting on Jay Powell
September 2, 2025 DOWNLOAD
View all Reports
BusinessWorld 3 MIN READ

BTr sells PHP 507 billion worth of RTBs

August 19, 2025By BusinessWorld
Related Articles
More yellow alerts expected in Luzon grid by mid-May April 17, 2024 Peso may strengthen vs dollar October 9, 2023 BCDA shoots for PHP 70B in investment approvals September 1, 2025

The government sold PHP 507.16 billion worth of retail Treasury bonds (RTB), exceeding the target as investors sought better yields.

National Treasurer Sharon P. Almanza told reporters on Monday that the RTB demand was driven by “very good fundamentals” and expectations that rates will continue to drop.

“I think [the market] expects that rates will go down. The rates rallied. They fell after the [rate-setting] auction,” she said.

The amount raised for the five-year RTBs was almost 17 times the PHP 30-billion target but below the record-high PHP 584.86 billion raised from the RTB offering in February 2024.

In a statement, the Bureau of the Treasury (BTr) said the government raised PHP 425.5 billion in new money, while the remaining PHP 81.65 billion came from a bond exchange.

Ms. Almanza said there was more foreign participation for this RTB offering, compared with last year when foreign participation was around 5% of the total.

“Foreign participation was substantial for this RTB, which we didn’t see in the past… Very much more than 5%, double-digit percentage,” she said.

The RTBs were offered in minimum denominations of PHP 5,000 through bank branches and other digital channels.

However, this was the first time that RTBs were sold via electronic wallet GCash via the GBonds function.

“Proceeds from the RTB-31 issuance will be used to support the government’s budgetary requirements for various projects and programs in education, health, infrastructure, agriculture, among others,” the BTr said.

The government raised an initial PHP 210 billion from its offer of five-year RTBs at the rate-setting auction held on Aug. 5, with tenders reaching PHP 354.175 billion.

The notes were priced at 6% per annum, payable quarterly. This is higher than the 5.8469% quoted for the five-year tenor based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury as of Aug. 18.

The public offer period ran from Aug. 5 to 15, while settlement is on Aug. 20.

The BTr also had a swap program for individual holders of government bonds maturing on Sept. 9, 2025, Feb. 4, 2026, and Feb. 14, 2026. It ended the exchange program on Aug. 8 due to strong demand.

The BTr also limited bids to online channels starting Aug. 14.

A trader said in a text message that the amount raised from RTBs “highlights the fact that BTr indeed really wanted to borrow that much,” adding that it was still close to last year’s record-high P585 billion.

“On the other hand, this is a good issuance given that a good portion were really for individual investors,” the trader added.

The trader said Treasury bill and bond auctions for the rest of the year will likely be unaffected due to P200 billion in maturities next month.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that demand for government securities could weaken in the near term after the RTBs absorbed liquidity.

“Though the latest RTB offering effectively siphoned off some of the excess peso liquidity from the financial system and could have somewhat sapped future demand for Treasury bills and Treasury bonds in the near term since some investors already invested beforehand,” he said.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at PHP 1.56 trillion or 5.5% of gross domestic product this year.

The government expects total gross borrowings to reach PHP 2.6 trillion this year, before going up to PHP 2.68 trillion in 2026. — A.M.C.Sy

This article originally appeared on bworldonline.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Access this content:

If you are an existing investor, log in first to your Metrobank Wealth Manager account. ​

If you wish to start your wealth journey with us, click the “How To Sign Up” button. ​

Login HOW TO SIGN UP