âPremyoâ bonds sale set in November
Finance Secretary Carlos Dominguez
STAR/ File

‘Premyo’ bonds sale set in November

Mary Grace Padin (The Philippine Star) - September 26, 2020 - 12:00am

MANILA, Philippines — The government plans to launch the second tranche of its prize or “premyo” bonds sale this November, the Department of Finance (DOF) said yesterday.

Following the “overwhelming response” from the public of the first premyo bonds offering in December last year, Finance Secretary Carlos Dominguez said the Bureau of the Treasury (BTr) was encouraged to offer a second round to small investors in November.

“I was told that the prizes for this year’s issuance are even bigger and more generous than those offered in the Filipino television game shows,” Dominguez said during the third quarter rewards draw for the first premyo bonds.

With the theme “Pangkabuhayan,” Dominguez said the upcoming issuance seeks to provide prizes, which could serve as instruments in generating employment and in helping Filipinos bounce back from the coronavirus disease 2019 or COVID-19 pandemic.

Dominguez then urged the winners of the current premyo bonds raffle draw to consider using their rewards to start small businesses. He also encouraged them to reinvest their money in government bonds.

“With an investment of as little as P500, anyone can participate in the premyo bonds. It is a safe investment that ensures a fair return plus a chance to win prizes. In addition, these bonds highlight our individual roles as Filipinos in helping build back a better, more resilient economy during these challenging times,” the finance chief said.

Dominguez said the government would utilize the Bonds.PH mobile application for the second premyo bonds issuance following its success in attracting investors during the recent retail Treasury bonds (RTB) sale.

“We will also make investing easier and more accessible to Filipinos across the globe. We are closely working with the Overseas Filipino Bank to ensure that Filipinos abroad will be able to conveniently purchase premyo bonds by November,” he said.

In her speech, National Treasurer Rosalia de Leon said the launch of the next premyo bonds issuance was in response to the clamor of the public.

“Not only will it be easier and safer to invest in premyo bonds, but the stakes and prizes will be higher,” she said.

During the previous premyo bond offering of the government, the BTr successfully sold P4.961 billion worth of one-year  debt papers to small investors.This was higher than the initial offer size of P3 billion.

“The issuance has not only exceeded expectations in terms of subscription, but also in promoting financial inclusion. The premyo bonds have encouraged thousands of new small investors to participate in this underdeveloped market,” Dominguez said.

Each P500 investment carried quarterly coupon payments, as well as a chance to win condominium units or house-and-lots, and as much as P1 million in cash prizes during quarterly draws.

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