MANILA - The Department of Finance said Friday the Bureau of Treasury raised a record P516 billion from its recent PROGRESO Bonds offering.

The 5-year retail treasury bonds called PROGRESO Bonds settled a rate of 2.625 percent per annum, the DOF said in a statement.

"The second RTB offering for 2020 was met with overwhelming demand from the investing public, with the issuance being oversubscribed by more than 10 times the planned minimum issue size of P30 billion," the DOF said.

"The overwhelming market response to our offer of PROGRESO bonds underlines the strong investor appreciation of the country's exceptional credit profile under the Duterte presidency along with broad support for government efforts to save lives and steer the economy to recovery in the face of the global health emergency," Finance Secretary Carlos Dominguez III said.

Small investors saving their money in higher-yielding retail treasury bonds boosts financial inclusion in the country, Dominguez said.

Filipinos can invest in RTBs for as little as P5,000. The Bureau of Treasury recently tapped app developers and e-money platforms to make investing even easier.

• Investing in retail treasury bonds via mobile apps, e-wallets now possible: PayMaya
• Investing in retail bonds? Fintech firms tapped to reach 'farmers, sari-sari store owners'