‘Premyo’ meant to entice Pinoys to open savings accounts | Inquirer Business

‘Premyo’ meant to entice Pinoys to open savings accounts

/ 05:06 AM November 28, 2019

MANILA, Philippines — The Bureau of Treasury, which started offering on Nov. 25 “premyo bonds” with guaranteed returns and a chance to win cash prizes, said the offer was meant to encourage more Filipinos to open and maintain savings accounts.

Premyo bonds are touted to be “virtually credit-risk free” and target private individuals with savings accounts, as well as institutions like cooperatives.

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Assistant Finance Secretary Tony Lambino said only 22.6 percent of Filipino adults maintained bank accounts, while those without were often vulnerable to abusive lenders. —Leila B. Salaverria

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