The Bureau of the Treasury will launch next week at least P3 billion in one-year “premyo bonds” through which retail investors in multiples of P500 could win up to P1 million in cash and other prizes.
National Treasurer Rosalia V. de Leon told reporters after Monday’s T-bills auction that the prize bonds will be sold through state-run lenders Development Bank of the Philippines (DBP) and Land Bank of the Philippines (Landbank) and also private banks that can offer them online during a three-week period ending in December.
De Leon said given the small denominations, over-the-counter sale may clog bank branches, hence the need to sell the premyo bonds online.
Selling the premyo bonds online will also allow more overseas Filipino workers (OFWs) to buy them, she added.
De Leon noted that not all banks were ready for an online sale, but the Treasury was giving them some more time before next week’s launch in time for the bureau’s anniversary celebration and the grant of Christmas bonuses to government employees./TSB