Land Bank of the Philippines expects more investors to put their money in the latest retail treasury bonds offering of the government and take advantage of the prevailing higher interest rates, a top executive said Friday.
The Bureau of the Treasury launched Retail Treasury Bonds Tranche 29 on Feb. 7, 2023.
RTB-29 is a five-and-a-half-year bond with a coupon rate of 6.125 percent per annum. Proceeds of the safe and high-yielding investment instrument will help fund the country’s development plans for agriculture, infrastructure, education and healthcare systems, among others.
“We expect RTB-29 to be well-received by the market given the higher interest rates. The more retail investors participate in RTBs, the faster we are advancing the country’s development agenda where no one is left behind,” LandBank president and chief executive Cecilia Borromeo said in a statement.
Interested investors may conveniently purchase the RTB-29 with a minimum investment of P5,000 and integral multiples thereof, via the LandBank mobile banking app. This feature is also available in the mobile banking app of the Overseas Filipino Bank, the official digital bank of the Philippine government and a subsidiary of LandBank.
Investors of the RTB-29 can also make online placements through the BTr online ordering facility and settle the payments via LandBank’s Link.BizPortal, free of charge. Over-the-counter placements are accepted in all LandBank branches nationwide.
Holders of previously issued bonds, namely FXTN 5-75, 7-58, and 20-5, may also exchange and reinvest their bond holdings for the latest bond offer.
The public offer period for RTB-29 is ongoing until Feb. 17, 2023, with issue date on Feb. 22. The maturity date is on Aug. 22, 2028.
LandBank is the joint lead issue manager for the RTB-29. It is part of its continued support for greater financial inclusion and boosting public resources to fund various recovery and development programs.