BTr Original Logo  RDB Logo Final  DOF








The Retail Onshore Dollar Bonds (“RDBs”) are debt-instruments issued by the Republic of the Philippines, via the Bureau of Treasury, that pay periodic interest payments, with the eventual return of the Principal on maturity date. The RDBs form part of the National Government’s program to make government securities available to retail investors, especially individuals.


The RDBs will be made available to the public during the Offer Period on 15 September to 1 October 2021. Investors may purchase the RDBs from any of the Selling Agent Banks subject to the documentary and minimum deposit requirements of each Selling Agent Bank.


For more information, please visit




Terms of the Offer



Republic of the Philippines through the Bureau of the Treasury

Issue Amount

Minimum of USD 400 Million (USD 200 Million per tenor)


Direct, unconditional, unsubordinated, and general obligations of the Republic

Minimum Investment

USD 300.00 and in multiples of USD100.00 thereafter


5 Years and 10 Years

Maturity Date

5 years from Issue Date (8 October 2026)

10 years from Issue Date (8 October 2031)

Offer Period

15 September to 1 October 2021

Offer Period may be shortened at the discretion of the Issuer.

Issue Date

8 October 2021

Interest Rate

5-Year: 1.375% per annum

10-Year: 2.250% per annum

Interest Payments

Quarterly, subject to final withholding tax for the account of the Issuer


Investor shall receive full coupon payment.

Final Withholding Tax on Interest to be Assumed by the Republic.

Listing and Trading

Philippine Dealing and Exchange Corp.

Placement Method

• USD Straight

• Peso Clear via select online facilities


• Insurance Reserves

• Performance Bonds

• Judicial Bonds

• Foreign Currency Cover for FCDU

Mode of Investment

1. Over-the-counter, via the branches of the Selling Agent Banks nationwide

2. Bureau of the Treasury’s Online Ordering Facility ( via FirstMetroSec

3. Mobile App-based channels*: OFBank Mobile Banking Application, LBP Mobile Banking Application, and Bonds.PH


*Mobile applications are downloadable for free via Google Play and App Store and are only available for individual sole accounts.

First Metro's Role

Joint Issue Manager and Selling Agent




Notice of Offering


You may view the Notice of Offering from the link below.

Download a copy of the Notice of Offering.



Contact Details 


Any questions related to the Retail Onshore Dollar Bonds may be directed to the following representatives.


Mark Joseph Cruz

Email Address: This email address is being protected from spambots. You need JavaScript enabled to view it.


Bernard Paco

Email Address: This email address is being protected from spambots. You need JavaScript enabled to view it.