Retail Treasury Bonds (RTBs) are bonds the national government sells to individuals in small amounts. The Bureau of the Treasury offers each issue for a short period, then closes it. Each issue has its own term, interest rate and dates.
The latest issue, RTB-32, is a dated example: it has a 2.5-year term, with interest paid quarterly and a 20% final tax on the interest. Its coupon rate was set by auction on the first day of the offer and stays fixed until maturity (Bureau of the Treasury, RTB-32 Notice of Offering). It was offered from 29 September to 7 October 2026, issued on 12 October 2026, and matures on 12 April 2029. The minimum was PHP 5,000, in steps of PHP 5,000 (RTB-32 flyer). That offer is closed. The next issue will have its own rate, which is not known in advance.
How an RTB pays
- The coupon. The interest rate fixed for the issue is the coupon rate. RTB-32 pays it every quarter.
- Tax. A 20% final tax is withheld from each interest payment (RTB-32 flyer; NIRC Sec. 24(B)(1) as amended by RA 12214). You receive the net amount.
- Maturity. At the end of the term, the government repays the face value of the bond.
How to buy, including from abroad
The RTB-32 FAQ lists these official channels. The list comes from the Treasury and is not ranked or recommended here:
- The Treasury’s Online Ordering Facility, on treasury.gov.ph, through an account with Chinabank, LANDBANK or FirstMetroSec. The FAQ says it lets investors living abroad buy from where they live.
- Apps: LANDBANK, OFBank, GCash (through GBonds), PDAX, ATRAM and RCBC Pulz.
- Selling-agent banks, over the counter.
For RTB-32, one online order could be up to PHP 500,000; a larger amount could be placed as several orders. You must be at least 18; a minor can invest through an In-Trust-For account opened by a parent or legal guardian, over the counter only (RTB-32 FAQ). Each issue publishes its own FAQ and channel list, so check the one for the issue you want.
Selling before maturity, and the risks
- No pre-termination. The RTB-32 FAQ says RTBs “cannot be pre-terminated”. To get your money early, you sell the bond on the secondary market, which depends on there being a buyer at the time (RTB-32 FAQ, M.1).
- The price can be higher or lower than you paid. When market interest rates rise, older bonds with lower rates sell for less. The FAQ says the proceeds of a sale “may be higher or lower than the principal investment amount” (J.7).
- Not a bank deposit. An RTB is not covered by PDIC deposit insurance: the PDIC’s FAQ lists investment products such as bonds and securities among the bank products it does not insure (PDIC FAQs, Q10).
- Inflation. A fixed rate can be worth less in real terms if prices rise faster than expected.
RTBs, T-bills and MP2
| Retail Treasury Bonds | Treasury bills | Pag-IBIG MP2 | |
|---|---|---|---|
| Issuer | National government (Bureau of the Treasury) | National government (Bureau of the Treasury) | Pag-IBIG Fund |
| Term | Years, set for each issue (RTB-32: 2.5 years) | 91, 182 or 364 days | 5 years |
| How you earn | Fixed coupon, paid quarterly on RTB-32 | Bought at a discount, face value at maturity | A dividend rate declared each year, not fixed in advance |
| Tax | 20% final tax on interest | 20% final tax | Tax-free |
| When you get the money | Coupons during the term, face value at maturity; or sell earlier at the market price | At maturity; or sell earlier at the market price | At maturity, or yearly dividends if chosen; early withdrawal on the allowed grounds; for any other reason, a 50% fee on the returns earned (Pag-IBIG Circular No. 487). The circular states no deduction on the allowed grounds, but the older FAQ on Pag-IBIG’s MP2 page words this differently, so confirm the amount with Pag-IBIG |
Scroll the table sideways for more
See Treasury bills.
See Pag-IBIG MP2.
When the next issue comes
The Treasury announces each RTB issue shortly before it opens. As of 26 October 2026, it has not announced an issue after RTB-32. Watch the news releases on treasury.gov.ph for the next offer and its FAQ.
To compare with a bank deposit, see time deposits.
For all the ways to save and invest, see the investing guide.
This page explains how RTBs work. It does not recommend any issue or channel, and past rates do not predict future ones.
Questions people ask
What is a Retail Treasury Bond?
It is a bond issued by the national government, through the Bureau of the Treasury, in small amounts so individuals can buy it. You lend the government money for a fixed number of years, it pays you interest at a rate fixed for that issue, and it repays the face value when the bond matures. RTB-32, the latest issue, pays its interest every quarter.
Can I buy Retail Treasury Bonds on GCash?
For RTB-32, yes: the Treasury's FAQ listed GCash, through GBonds, among the app channels, together with other bank and broker apps and the Treasury's own online facility. Each new issue has its own list of channels, so check the FAQ for the issue you want.
Talk it through
Talk through your retirement planSources
- Bureau of the Treasury, RTB-32 Notice of Offering (23 September 2026) (checked 27 October 2026)
- Bureau of the Treasury, RTB-32 FAQ (29 September 2026) (checked 26 October 2026)
- Bureau of the Treasury, RTB-32 flyer (checked 26 October 2026)
- Bureau of the Treasury, press release on the close of the RTB-32 offer (8 October 2026) (checked 26 October 2026)
- RA 12214 (CMEPA), amending NIRC Sec. 24(B)(1), final tax on interest (lawphil.net) (checked 26 October 2026)
- PDIC, frequently asked questions (Q10, products not insured) (checked 27 October 2026)
- Pag-IBIG Fund, MP2 savings (checked 26 October 2026)
- Pag-IBIG Fund Circular No. 487, MP2 guidelines (26 February 2026) (checked 20 October 2026)