These are debt instruments issued by the National Government. These are direct, unconditional, and fully guaranteed obligations of the Republic of the Philippines, therefore, virtually risk-free.


Product Features


Treasury Bills

Retail Treasury Bonds

 Fixed Treasury Notes

Minimum Face Amount




Original Tenor 

 Up to 364 days

 Up to 25 years

 Up to 25 years


 Subject to prevailing market rates  

Interest Computation

 Discounted Formula

Quoted on clean price or gross yield

Quoted on clean price or gross yield


 Paid quarterly or semiannually

 Paid semiannually

Tax Feature

Subject to 20% final withholding tax   


Clients may sell securities subject to prevailing market price

Standard Settlement

T+1 (all deals settled the next banking day)   

Trading Hours

9:00 a.m. to 12:00 p.m.; 2:00 p.m. to 4:00 p.m.   


Confirmation of Sale (COS) / Confirmation of Purchase (COP)   

Required Documents

Notarized third party documents


Minimum of 10 basis points based on face amount plus relevant third party fees