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