MANILA - State lender the Development Bank of the Philippines said Wednesday the public should invest in retail treasury bonds to help boost the government's pandemic war chest.
In a statement, the state-owned lender encouraged depositors to avail of the Bureau of Treasury's Progreso Bonds or the retail treasury bonds tranche 24.
The government aims to raise a minimum of P30 billion from the bond offering.
The minimum amount of investment is P5,000, which is relatively safe and with higher-yielding results with an annual fixed interest rate of 2.625 percent, payable quarterly over the next 5 years, DBP president and CEO Emmanual Herbosa said.
“We urge the public to invest in RTB-24 as it will fund priority health initiatives to respond to and recover from the COVID-19 crisis and to extend support to returning overseas Filipino workers and small and medium enterprises,” Herbosa said.
DBP and the Land Bank of the Philippines are the joint lead issue managers with 8 other financial firms, it said.
The latest bonds offer is also made available through the Bonds.ph app that can be funded through several means including mobile wallets such as PayMaya.