Treasury bills (T-bills) are short-term loans to the national government. The Bureau of the Treasury sells them at regular auctions, at a discount: you pay less than the face value and get the full face value back when the bill matures. T-bills run for one year or less (Department of Finance Order 141-95, Sec. 4). The Treasury currently auctions 91-day, 182-day and 364-day bills.
How auctions and yields work
- Sold at a discount. A T-bill pays no interest along the way. Your income is the gap between the price you pay and the face value at maturity.
- The auction sets the rate. Banks and other dealers bid the rate they will accept. Lower-rate bids are filled first, until the amount on offer is sold. The Treasury’s auction committee can accept or reject any bid (DOF Order 141-95).
- Non-competitive bids get the average rate of the accepted competitive bids, without bidding a rate of their own.
- Results are published. The Treasury posts the results of every auction under Government Securities, Auction Results, Treasury Bills on treasury.gov.ph, one post per auction.
We don’t show a T-bill rate on this page. The rate changes with every auction; check the Treasury’s latest results instead.
How individuals can buy
Individuals can’t bid at the auction. The Treasury’s rules allow only financial institutions licensed by the BSP, the Insurance Commission or the SEC to take part in the primary sale of government securities (Treasury handbill on eligibility).
The retail route the Treasury itself has announced is GBonds. In a press release of 24 July 2025, the Treasury said selected government securities, including T-bills, are available on GBonds, through a partnership of the Bureau of the Treasury, GCash, the Philippine Digital Asset Exchange (PDAX) and Bonds.PH, with T-bills “for a minimum of P500” during their primary offering, as of that release. Banks and securities dealers may also sell T-bills to their clients, each with its own minimum and fees. We don’t recommend any channel. Check the current terms with the channel before you buy.
Retail Treasury Bonds are the government securities made for small investors: the Treasury’s RTB-32 offer in 2026 started at PHP 5,000 and could be ordered online from abroad (RTB-32 FAQ). Our Retail Treasury Bonds guide explains how they work.
Tax
A 20% final tax is withheld on the discount when the bill is first sold, under the Department of Finance’s 1995 rules for T-bills (DOF Order 141-95, Sec. 7). This matches the 20% final tax on interest from bank deposits and deposit substitutes in the Tax Code (NIRC Sec. 24(B)(1) as amended by RA 12214).
T-bills, RTBs and time deposits
| Treasury bills | Retail Treasury Bonds | Time deposits | |
|---|---|---|---|
| Who issues it | National government (Bureau of the Treasury) | National government (Bureau of the Treasury) | A bank |
| Term | 91, 182 or 364 days | Years (RTB-32: 2.5 years) | From about 30 days to several years, set by the bank |
| How you earn | Bought at a discount, paid face value at maturity | Fixed interest (coupon), paid quarterly on RTB-32 | Interest at maturity or during the term |
| Tax | 20% final tax | 20% final tax | 20% final tax |
| PDIC deposit insurance | No (not a deposit) | No (not a deposit) | Yes, up to PHP 1,000,000 per depositor, per bank |
| Getting money out early | You may be able to sell before maturity, at the market price | You may be able to sell before maturity, at the market price | Usually with a penalty or lower interest |
Scroll the table sideways for more
RTB-32 is a dated example from the Treasury’s September 2026 offer; each RTB issue has its own term and rate. Market prices for selling early can be lower than what you paid.
See time deposits.
Questions people ask
What is a Treasury bill in the Philippines?
A Treasury bill, or T-bill, is a short-term IOU from the national government, sold by the Bureau of the Treasury. It runs for one year or less, usually 91, 182 or 364 days. You pay less than its face value, and the government pays the full face value at maturity. The difference is your income, less a 20% final tax.
What are the current Treasury bill rates in the Philippines?
They are set at each auction, so they change from one auction to the next. The Bureau of the Treasury posts the results of each auction on treasury.gov.ph, under Auction Results, Treasury Bills. We don't quote a rate here because it would soon be out of date.
Talk it through
Talk through your short-term savingsSources
- Department of Finance Order 141-95, rules on Treasury bills and bonds (Bureau of the Treasury) (checked 20 October 2026)
- Bureau of the Treasury, auction press release, 27 April 2026 (91-, 182- and 364-day T-bills) (checked 20 October 2026)
- Bureau of the Treasury, Treasury Bills auction results (checked 20 October 2026)
- Bureau of the Treasury, handbill on eligibility to take part in the primary sale of government securities (checked 20 October 2026)
- Bureau of the Treasury, press release: Government Securities Now Available on GBonds (24 July 2025) (checked 20 October 2026)
- Bureau of the Treasury, RTB-32 FAQ (29 September 2026) (checked 20 October 2026)
- Bureau of the Treasury, RTB-32 flyer (checked 20 October 2026)
- RA 12214 (CMEPA), amending NIRC Sec. 24(B)(1), final tax on interest (lawphil.net) (checked 20 October 2026)