LANDBANK Offers BTr’s Progreso Bonds Para Sa Bayan From July 16 to Aug 7

Interested investors may purchase the Bureau of the Treasury’s (BTr) Retail Treasury Bonds Tranche 24 (RTB-24 or Progreso Bonds) and help boost the state’s coffers for socioeconomic development initiatives for a minimum investment of P5,000.

To generate at least P30 billion, the Department of Finance (DOF) and BTr launched the five-year RTB-24 or Progreso Bonds offering with Bond Exchange through a virtual Qualified Institutional Buyers (QIB) Investor’s Briefing. The event was streamed live via the Facebook Page of the BTr which was shared by LANDBANK and other participating Banks.

It was led by Finance Secretary Carlos G. Dominguez and National Treasurer Rosalia V. De Leon, together with Land Bank of the Philippines (LANDBANK) President and CEO Cecilia C. Borromeo, and Development Bank of the Philippines (DBP) President and CEO Emmanuel G. Herbosa.

The RTB-24 is offered to the investing public until August 7, 2020, with state-run lenders LANDBANK and DBP as the Joint Lead Issue Managers. Other participating banks include BDO Capital and Investment Corporation, BPI Capital Corporation, China Bank Capital, First Metro Investment Corporation, PNB Capital Corporation, RCBC Capital Corporation, SB Capital Corporation, and Union Bank of the Philippines as Joint Issue Managers.

“LANDBANK’s participation in the RTB-24 or Progreso Bonds offering is a testament to the Bank’s unwavering support to the National Government to raise funds for its socio-economic development initiatives. Rest assured that the Bank will do its part to promote and encourage retail investors to invest in the Progreso Bonds,” LANDBANK President and CEO Borromeo said.

The proceeds from RTB-24 will be utilized by the National Government to fund health initiatives, especially priority measures to respond to and recover from the COVID-19 crisis, and extend support to overseas Filipino workers (OFWs) and Small and Medium Enterprises (SMEs).

Interested investors may purchase RTB-24 through the branches of LANDBANK  and participating institutions. They can also purchase the Bonds through the RTB Online Ordering Facility at the BTr’s website and through the BONDS.PH mobile application.

On top of selling the new Bonds, the BTr also allows holders of previously issued bonds, namely, RTB 10-01, FXTN 05-73, RTB 10-02 and FXTN 07-57 to exchange and reinvest their bond holdings for the RTB-24.

The RTBs are generally considered low-risk investments that allow investors to earn a fixed interest quarterly during the term of the bond based on prevailing market rates.