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.
| Treasury Bills | Retail Treasury Bonds | Fixed Treasury Notes | |
| Minimum Face Amount | P200,000.00 | P200,000.00 | P200,000.00 |
| Original Tenor | Up to 364 days | Up to 25 years | Up to 25 years |
| Rate/Price | Subject to prevailing market rates | ||
| Interest Computation | Discounted Formula | Quoted on clean price or gross yield | Quoted on clean price or gross yield |
| Coupons | Paid quarterly or semiannually | Paid semiannually | |
| Tax Feature | Subject to 20% final withholding tax | ||
| Liquidity | 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. | ||
| Documentation | Confirmation of Sale (COS) / Confirmation of Purchase (COP) | ||
| Required Documents | Notarized third party documents | ||
| Fees/Charges | Minimum of 10 basis points based on face amount plus relevant third party fees | ||