‘Premyo’ meant to entice Pinoys to open savings accounts

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.

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