Quick answer
Retail Treasury Bonds (RTBs) are peso bonds issued by the Philippine government through the Bureau of the Treasury for individual investors. You lend the government money for a fixed term (for example, 3 to 10 years), receive a fixed interest coupon every quarter, and get your principal back at maturity. The minimum is ₱5,000, interest is subject to 20% final tax, and you can buy during offer periods through banks and approved mobile apps.
Key takeaways
- RTBs are backed by the national government, making them among the lowest-risk peso investments.
- Minimum ₱5,000 in ₱5,000 increments; coupons are paid quarterly at a fixed rate set by auction.
- Interest is subject to 20% final withholding tax (uniform under CMEPA).
- Buy during offer periods through selling-agent banks, online ordering facilities and approved apps.
- You can sell before maturity, but the price depends on market rates and may be lower than what you paid.
On this page
If you want your money to earn more than a savings account without exposing it to the stock market, Retail Treasury Bonds are one of the most straightforward options in the Philippines. You're lending to the national government, which pays you a fixed rate every quarter.
How RTBs work
- The government announces an offer period for a new RTB tranche, with a tenor (for example 3, 5 or 10 years).
- The coupon rate is set by auction among government securities dealers at the start of the offer, then fixed for the life of the bond.
- You buy in multiples of ₱5,000 during the offer period.
- You receive interest every quarter, credited to your settlement account, after 20% tax.
- At maturity, you get your principal back.
Latest offer: RTB 32 (2026)
| Detail | RTB 32 |
|---|---|
| Tenor | 3 years |
| Offer period | September 29 to October 7, 2026 (subject to early close) |
| Issue date | October 12, 2026 |
| Maturity | October 12, 2029 |
| Minimum | ₱5,000, in ₱5,000 increments |
| Interest payment | Quarterly |
| Coupon | Set by Dutch auction at the start of the offer |
If you missed it, watch for the next RTB announcement from the Bureau of the Treasury and selling banks. Previously issued RTBs can sometimes be bought in the secondary market through banks and brokers.
How much you earn
The math is simple: coupon rate × amount, minus 20% tax, paid in four installments a year. Example at a 6% coupon (illustration only; use the actual rate of the bond you buy):
| Investment | Gross interest per year | After 20% tax | Per quarter (after tax) |
|---|---|---|---|
| ₱5,000 | ₱300 | ₱240 | ₱60 |
| ₱50,000 | ₱3,000 | ₱2,400 | ₱600 |
| ₱100,000 | ₱6,000 | ₱4,800 | ₱1,200 |
| ₱500,000 | ₱30,000 | ₱24,000 | ₱6,000 |
Interest is paid out, not compounded. To grow your money, reinvest the coupons, for example into MP2 or a fund.
Where to buy
For RTB 32, the Bureau of the Treasury listed these channels:
- Over the counter at authorized selling-agent banks
- Online ordering facilities through participating banks and brokers (for example Chinabank, First Metro Securities and LANDBANK)
- Mobile apps such as OFBank and LANDBANK mobile banking, GBonds, PDAX, ATRAM PRIME/ATRAM PERA and RCBC Pulz
Some apps have their own account opening rules and minimum cash-in, even if the bond minimum is ₱5,000. You'll typically need a valid ID, TIN and a settlement account in your name.
Risks and trade-offs
- Interest rate risk: if market rates rise after you buy, your bond's market value falls. This matters only if you sell before maturity.
- Liquidity: selling early goes through the secondary market and may involve a lower price and fees.
- Inflation: a fixed coupon can lose purchasing power if inflation rises sharply.
- Reinvestment: when the bond matures, rates may be lower than what you had.
Credit risk is very low because the bond is an obligation of the Republic of the Philippines.
RTB vs other low-risk options
| RTB | Pag-IBIG MP2 | Time deposit | Bond fund | |
|---|---|---|---|---|
| Backed by | National government | Pag-IBIG Fund (government guarantee) | Bank (PDIC up to ₱1M) | Fund assets |
| Return | Fixed coupon | Variable annual dividend (7.12% for 2025) | Fixed rate | Variable |
| Tax | 20% | Tax-free | 20% | Taxed within the fund |
| Payout | Quarterly | Yearly or at maturity | At maturity | On redemption |
| Access before maturity | Sell at market price | Restricted | Usually with penalty | Daily, with possible fees |
Who RTBs are good for
- Retirees and conservative investors who want regular income.
- Savers with a 3–5 year goal who want certainty.
- Investors diversifying a stock-heavy portfolio.
RTBs are also available within some PERA platforms, which adds a tax credit for retirement saving. For other ways to put a small amount to work, see where to invest ₱10,000.
Frequently asked questions
How much will I earn from a ₱100,000 RTB?
It depends on the coupon rate. For example, at a 6% coupon, ₱100,000 earns ₱6,000 a year before tax, or ₱4,800 after 20% tax, paid as about ₱1,200 every quarter. You get the ₱100,000 back at maturity.
Where can I buy Retail Treasury Bonds?
During an offer period, through authorized selling-agent banks (over the counter or online), the Bureau of the Treasury's online ordering facility partners, and approved mobile apps. For RTB 32, the Treasury listed apps such as LANDBANK and OFBank mobile banking, GBonds, PDAX, ATRAM and RCBC Pulz.
What happens if I need my money before the RTB matures?
You can sell the bond in the secondary market through your bank or broker. The price depends on prevailing interest rates: if rates have risen since you bought, you may sell at a loss; if rates have fallen, at a gain.
Are RTBs better than time deposits?
RTBs often pay higher rates than bank time deposits for similar terms and are backed by the national government. Both are taxed at 20%. Time deposits are simpler to break early, while RTBs must be sold at market price.
Are RTBs covered by PDIC?
No. PDIC insures bank deposits, not government securities. RTBs are direct obligations of the Republic of the Philippines, which is why they're considered very low risk.
Sources
Figures checked against these official and primary sources on October 4, 2026. Government rates and promos change, so confirm on the agency's site before you act.
- Bureau of the Treasury: Retail Treasury Bonds Tranche 32 FAQs (Sept 29, 2026)
- Bureau of the Treasury: RTB 32 flyer
- PwC Philippines: CMEPA and the uniform 20% tax on interest
General information, not personal financial, tax or legal advice. See our editorial standards and disclaimer. Found an outdated figure? Email support@success.ph.