Those who want to win up to P1 million in cash while also investing their hard-earned money, mark your calendars: the Bureau of the Treasury will launch the much-awaited “premyo” bonds on Monday, Nov. 25.
In an advisory on Wednesday, Nov. 20, the Treasury said the one-year “premyo” bonds “shall provide individual investors, associations, and cooperatives an opportunity to invest in government securities while giving them a chance to win cash prizes for a minimum investment of only P500.”
The launch will be held at the state-run Development Bank of the Philippines (DBP), one of the six so-called coordinators of the premyo bond sale.
The other coordinators were state-run Land Bank of the Philippines (Landbank), BDO Unibank, China Bank, Philippine National Bank (PNB), and First Metro Investment Corp. (FMIC).
According to the Treasury, Landbank will sell the premyo bonds online, while the debt paper will be made available by other banks over-the-counter.
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 the quarterly raffles.
Finance Secretary Carlos G. Dominguez III had already given the green light to the sale of premyo bonds.
The offer period would likely be longer than the usual two weeks for retail treasury bonds (RTBs), as the Treasury was pitching the IOUs as a gift idea for the Christmas season.