MANILA -- The Bureau of Treasury increased the quarterly prize pot for its "Premyo Bonds" after the maiden sale exceeded the target, the finance department said.
A total of P4.5 million will be raffled off every quarter from the initial P3 million. There will be 1 winner of P1 million per raffle. The Treasury sold nearly P5 billion in "Premyo Bonds" compared to the initial issue size of P3 billion.
Aside from 1 winner of P1 million, every quarter there will be 15 winners of P100,000 and 100 winners of P20,000. There will be a 116 winners per draw from 61, the department said in a statement.
For a minimum P500, investors can earn 3 percent per annum to be paid out quarterly over a year under the "Premyo Bonds," which aimed to encourage small investors.
"Regardless of what their day jobs are, ordinary citizens help drive up the savings and investment rates by participating in financial products. The man-on-the-street is involved in market decisions that make the economy what it is," said Finance Sec. Carlos Dominguez.
More than 44 percent of online transactions were for investments of P5,000 or lower, indicating that the sale attracted retail investors, according to the statement.
"By designing the Premyo Bonds to include a cash and non-cash reward mechanic, our aim was to entice more individuals and institutions to directly invest in government securities," said National Treasurer Rosalia de Leon.