‘Premyo’ bonds: Gov’t plans cap of 20,000 raffle entries per investor

The Bureau of the Treasury could limit to 20,000 the number of entries each individual could submit for a raffle of so-called “premyo” bonds to be launched soon.

Deputy Treasurer Erwin D. Sta. Ana told reporters after Tuesday’s T-bond auction that the Treasury was still firming up the mechanics for the premyo bonds sale to ensure compliance with Commission on Audit rules.

Sta. Ana said the launch would not be held this week during the Treasury’s anniversary celebration, although the sale would still start within this month, he said.

According to Sta. Ana, among the mechanics that the Treasury was finalizing included limiting individuals to a maximum of 20,000 raffle entries or tickets, equivalent to P10 million in premyo bonds as they will be sold in multiples of P500.

Sta. Ana said, though, that individual investors may still buy more than P10 million worth of premyo bonds although there would be a cap on raffle entries.

Quarterly raffles for premyo bonds will have a jackpot of P1 million in cash and other prizes.

The Treasury plans to sell at least P3 billion in one-year premyo bonds to individuals, associations and cooperatives.

Sta. Ana said that so far, it seemed that only Land Bank of the Philippines (Landbank) could sell these bonds online, while other banks would offer them over-the-counter./TSB