Tue, 04 Aug 2020

LandBank to offer BTr's Progreso Bonds Para Sa Bayan starting today

Philippine Information Agency
16 Jul 2020, 20:38 GMT+10

CALOOCAN CITY, July 16 (PIA) -- Land Bank of the Philippines (LandBank) is offering the Bureau of the Treasury's (BTr) Retail Treasury Bonds Tranche 24 (RTB-24 or Progreso Bonds) to interested investors for a minimum investment of P5,000, a statement sent to the PIA-NCR said.

In its bid to help boost the state's coffers for socioeconomic development initiatives, the Department of Finance (DOF) and BTr will launch beginning 4:00 p.m. today, through a virtual Qualified Institutional Buyers (QIB) Investor's Briefing, the five-year RTB-24 or Progreso Bonds offering with Bond Exchange, to generate at least P30 billion.

The event will be streamed live via the Facebook Page of the BTr (www.facebook.com/TreasuryPh) to be shared by LandBank (www.facebook.com/LandBankofficial) and other participating Banks.

The virtual event will be led by Finance Secretary Carlos G. Dominguez and National Treasurer Rosalia V. De Leon, together with Land Bank of the Philippines (LandBank) President and CEO Cecilia C. Borromeo, and Development Bank of the Philippines (DBP) President and CEO Emmanuel G. Herbosa.

The RTB-24 will be offered to the investing public until August 7, 2020, with state-run lenders LandBank and DBP as the Joint Lead Issue Managers. They will be joined by BDO Capital and Investment Corporation, BPI Capital Corporation, China Bank Capital, First Metro Investment Corporation, PNB Capital Corporation, RCBC Capital Corporation, SB Capital Corporation, and Union Bank of the Philippines as Joint Issue Managers.

"LandBank's participation in the RTB-24 or Progreso Bonds offering is a testament to the Bank's unwavering support to the National Government to raise funds for its socio-economic development initiatives. Rest assured that the Bank will do its part to promote and encourage retail investors to invest in the Progreso Bonds," LandBank president and CEO Borromeo said.

The proceeds to be generated from RTB-24 will be utilized by the National Government to fund health initiatives, especially priority measures to respond to and recover from the COVID-19 crisis, and extend support to overseas Filipino workers (OFWs) and Small and Medium Enterprises (SMEs).

Interested investors may purchase RTB-24 through the branches of LandBank those of participating institutions. They can also purchase the Bonds through the RTB Online Ordering Facility at the BTr's website and through the BONDS.PH mobile application.

On top of selling the new Bonds, the BTr will be allowing holders of previously issued bonds, namely, RTB 10-01, FXTN 05-73, RTB 10-02 and FXTN 07-57 to exchange and reinvest their bond holdings for the RTB-24.

It will be the second time that the BTr will issue RTBs this year, after the issuance of the RTB-23 with exchange offer last February. The RTBs are generally considered low-risk investments which allow investors to earn a fixed interest quarterly during the term of the bond based on prevailing market rates.

For more updates, please Follow, Like and Share the official LandBank Facebook and Instagram accounts (@LandBankofficial) and Twitter (@LBP_Official) or visit the LandBank website (www.LandBank.com). (PIA NCR)

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