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BTr studies cap on raffle entries as it firms up ‘premyo’ bonds offer

By: - Reporter / @bendeveraINQ
/ 04:01 AM November 13, 2019

The Bureau of the Treasury is looking at limiting to 20,000 the number of raffle entries that an individual can avail himself of in the upcoming “premyo” bonds.

Deputy Treasurer Erwin D. Sta. Ana told reporters after Tuesday’s treasury bond auction that the Treasury was still firming up the mechanics of the premyo bonds sale, specifically the technical details and rewards mechanics to ensure compliance with Commission on Audit (COA) rules.

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Sta. Ana said the launch would not yet 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 were finalizing included limiting individuals to a maximum of 20,000 raffle entries or tickets, equivalent to P10 million in premyo bonds as these will be sold in multiples of P500.

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Sta. Ana clarified that it would be the number of raffle entries that the Treasury may limit—individual investors may still buy over P10 million in premyo bonds.

The quarterly raffles for the 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.

Meanwhile, the Treasury on Tuesday sold all P20 billion in reissued 10-year T-bonds it offered, at an average rate of 4.617 percent, up from 4.196 percent during the previous auction.

Sta. Ana nonetheless said that while the rates for 10-year bonds have been picking up since August, they were now “a bit stable.”

The debt paper maturing on Jan. 10, 2020 attracted P29.3 billion in bids, making the auction almost 1.5 times oversubscribed.

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To date, the Treasury sold a total of P140 billion for this T-bond series.

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TAGS: BTr, Business, Commission on Audit (COA)
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