State-owned Development Bank of the Philippines asked depositors and the public to avail of the Bureau of Treasury’s “Progreso Bonds” (Retail Treasury Bonds Tranche 24) and help the government raise funds for vital projects to combat the pandemic.
DBP president and chief executive Emmanuel Herbosa said for a minimum amount of P5,000, the public would have the chance to invest in a safe and higher-yielding instrument, which fetches an annual fixed interest rate of 2.625 percent, payable quarterly over the next five years.
“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.
The “Progreso Bonds” is the 24th issuance under the RTB Program since its inception in 2001 and the second issuance of RTBs in 2020. It is a five-year government-issued debt security, especially designed for retail investors. DBP along with Land Bank of the Philippines are joint lead issue managers with eight other financial firms as issue managers.
