Dominguez calls on Filipinos to invest in government bonds
MANILA – Finance Secretary Carlos G. Dominguez called on Filipinos to support te government’s domestic bond offerings and have secured investments that will help the Duterte administration’s fund campaign to finance programs to address the corona virus pandemic and serve as foundation for the quick and strong recovery from the health crisis.
In a statement, Dominguez said the success of one such bond issue, the small investor-targeted Premyo Bonds, has improved the ration of the government’s borrowing mix in favor of domestic sources, provided small savers a safe investment opportunity while protecting them from spurious business schemes and onerous lending practices as well as expand financial inclusion among the citizenry.
Secretary Dominguez congratulated the Bureau of the Treasury for “conceptualizing and successfully executing the Premyo Bonds which he said exceeded expectations in terms of subscription and successfully promoting financial inclusion.
The Secretary of Finance was guest at the draw of major prizes with National Treasurer Rosalia de Leon. The prizes included P20,000 for 200 winners, P100,000 for 30 winners and a house and lot for each of the two major winners of P1 million each.
The Bureau of the Treasury increased the rewards pool from P3 million to P4.5 million after the reception last year of the Premyo Bonds which was offered last November 25 until December 3 for as low as P500 per unit.
With P3 billion as original target, the Bureau of the Treasury generated P4.961 billion from the one-year bonds, which carry a coupon rate of 3 percent per annum paid out per quarter, on top of having a chance to win cash and other rewards. It was learned the rewards are net of all applicable taxes, fees and charges. (Melo M. Acuna)
Finance Secretary Carlos G. Dominguez III (DOF Photo)