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Manila Bulletin devider Business devider Banking & Finance devider Gov't to borrow ₱200 billion through long-term retail bonds in Q3

Gov't to borrow ₱200 billion through long-term retail bonds in Q3

Published Jul 22, 2025 12:00 am  |  Updated Jul 21, 2025 03:50 pm
While short-dated treasury bills (T-bills) will still be offered from July to September, the national government will also issue long-term retail debt instruments amounting to around ₱200 billion within the third quarter of 2025.
Department of Finance (DOF) Secretary Ralph G. Recto told reporters during a press chat last week that the Bureau of the Treasury (BTr), an attached agency of the DOF, will issue retail treasury bonds (RTBs) within the current quarter.
National Treasurer Sharon P. Almanza has yet to confirm the exact target amount for the issuance, but Recto said it would be around ₱200 billion.
This planned RTB offering is on top of the weekly T-bill and treasury bonds (T-bonds) auctions for institutional creditors, which raise an average of around ₱50 billion per week.
The Marcos administration had trimmed its planned borrowings for the third quarter by ₱45 billion to ₱690 billion from ₱735 billion in the previous quarter, with a major downscaling in the sales of long-term debt securities.
From July to September, it intends to borrow ₱325 billion in T-bills, matching the value it planned to borrow throughout the second quarter. T-bills will comprise 47.1 percent of the total third-quarter debt offerings.
Meanwhile, T-bonds, or long-term government debt, will account for the larger share of 52.9 percent, with planned borrowings of ₱365 billion. This is 12-percent lower than the second quarter’s ₱410 billion, reversing the same-value increase seen in the previous quarter.
To recall, Almanza said earlier that the government had postponed the issuance of RTB variant GBonds through e-wallet GCash from December 2024 to the second half of this year.
RTBs are government debt paper with longer tenors that regular people can purchase for as low as ₱5,000, with interest rates depending on prevailing bond market rates.
GBonds in an e-wallet will allow users to invest in government securities (GS) using their mobile phones, no matter where they are. Purchasing bonds online is more accessible compared to over-the-counter (OTC) transactions at partner bank branches, Almanza had said.
Late last year, Recto urged GCash, Philippine Digital Asset Exchange Inc. (PDAX), and regulators to expedite the launch of GBonds.

Related Tags

Department of Finance (DOF) Ralph G. Recto Bureau of the Treasury (BTr) Sharon Almanza GBonds retail treasury bonds (RTBs) treasury bills (T-bills) treasury bonds (T-bonds)
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