Philippines looking to raise at least P30 billion from new RTB offering

September 24, 2026 | 11:02 pm

By Aaron Michael C. Sy, Reporter 

The government is looking to raise at least P30 billion from its first retail Treasury bond (RTB) offering this year, the Bureau of the Treasury (BTr) said late on Wednesday.

According to a notice on its website, the BTr said it is planning to sell a minimum P30 billion worth of two and a half-year peso-denominated RTBs due April 12, 2029.

This is the government’s 32nd RTB offering since it started in 2001.

“Interest on RTB 32, to be calculated on a 30/360-day basis, will be paid quarterly in arrears on the last day of each three-month interest period,” the BTr said.

National Treasurer Sharon P. Almanza said on Wednesday they are aiming to raise less than half of the amount seen in its last RTB offer in August 2025 where it raised P507.16 billion from five-year notes.

The BTr will determine the interest rate through a Dutch auction with government securities eligible dealers (GSED) on Sept. 29, which will also mark the start of the public offer period until Oct. 7 unless ended earlier.

Issuance and settlement date are scheduled on Oct. 12.

Likewise, the government included an exchange offer for holders of RTBs maturing on Oct. 20 (RTB 15-01), March 1, 2027 (RTB 15-02) and March 4 2027 (RTB 05-15), as well as for holders of fixed-rate Treasury notes (FXTN) maturing on Dec. 7 (FXTN 20-13) and Jan. 4, 2027 (FXTN 03-30).

The BTr set the repurchase price for the bonds eligible for the exchange offer based on their respective Bloomberg Valuation (BVAL) rates as of Sept. 22, with the RTB 15-01, RTN 15-02, RTB 15-05, set at 100.01%, 99.79%, and 99.59%, respectively.

The repurchase price for the FXTN 20-13 and FXTN 03-30 are set at 100.3% and 100.1%, respectively.

The RTB 32 will be sold in minimum denominations of P5,000 and in multiples of P5,000 thereafter, while each exchange offer will have a minimum amount of P5,000 in multiples of P0.01.

The public offer period for the exchange program will also run from Sept. 29 to Oct. 7.

The RTBs will be available through over-the-counter placement in bank branches and digital channels such as the BTr Online Ordering Facility, the Bonds.PH mobile app, the Overseas Filipino Bank mobile banking app, and the Landbank mobile banking app.

They will also be available on GCash’s GBonds platform, and PDAX’s Bonds platform, as well as through an ATRAM PRIME account, the ATRAM PERA app, and RCBC Trust Corp.’s Investment Management Account (IMA) through RCBC PULZ.

Demand for the RTBs should be strong as investors tend to gravitate toward safe-haven assets like RTBs during uncertain times, Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas said in a Viber message.

However, he noted investors could ask for higher yields to compensate for prevailing risks.
“The government is navigating a challenging interest-rate environment where market volatility is actually creating both opportunities and constraints,” he said.

The government borrows from local and foreign sources to help finance its budget deficit, which is capped at P1.659 trillion or 5.4% of gross domestic product this year.