Gov't borrowings get hi-tech with Tokenized Treasury Bonds | ABS-CBN

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Gov't borrowings get hi-tech with Tokenized Treasury Bonds

Gov't borrowings get hi-tech with Tokenized Treasury Bonds

ABS-CBN News

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MANILA - The Bureau of Treasury (BTr) will launch on Monday the country’s maiden offering of Philippine peso-denominated Tokenized Treasury Bonds (TTBs), one of the government banks handling the bond issuance said on Thursday.

The bonds will be issued in the form of digital tokens, which will be maintained in the BTr’s Distributed Ledger Technology (DLT) Registry, the Land Bank of the Philippines said in a statement.

The TTB issuance aims to raise at least P10 billion from the domestic bond market.

The maiden issuance of TTBs aims to provide the proof of concept for the wider use of DLT in the government bond market As part of the National Government’s Government Securities Digitalization Roadmap, Landbank said.

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DLTs are commonly used in fintech circles, with blockchain being one of the most popular types of DLT.

"Treasury will implement a dual registry structure, with the DLT Registry running in parallel with the National Registry of Scripless Securities (NRoSS), with the NRoSS serving as the primary registry," Landbank said.

The TTBs are one-year fixed-rate government securities that pay semi-annual coupons, which will be offered to qualified institutional buyers, with minimum denominations of P10 million and in increments of P1 million thereafter.

Landbank and Development Bank of the Philippines will be managing the book-building for the issuance.

The Philippines has borrowed heavily in the last few years to fund its pandemic response and its ambitious infrastructure push.

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