Finance Secretary Carlos G. Dominguez III had already approved the sale of so-called premyo bonds that would raise money for the government and give investors the chance to win in raffles cash of up to P1 million and items.
Deputy Treasurer Sharon P. Almanza told reporters after the T-bill auction on Monday, Nov. 18, that the bonds would be launched this month and offered for a period longer than the usual two weeks for retail treasury bonds.
At least P3 billion in premyo bonds will be sold in multiples of P500, giving ticket holders the opportunity to take home up to P1 million and other prizes during quarterly raffles.
Land Bank of the Philippines (LBP) will sell premyo bonds online, while the debt paper will be made available by other banks over-the-counter, Almanza said.
Aside from LBP, the other banks and a company taking part in the promo are Development Bank of the Philippines, BDO, China Bank, Philippine Naitonal Bank and First Metro Investment Corp.
The Treasury sold only P17.99 billion of some P20 billion in T-bills during auction on Monday after it capped the rate for 182-day debt papers.