Finance Secretary Carlos Dominguez III has urged the raffle winners of the small investor-targeted Premyo bonds to consider using their cash rewards to reinvest in government debt securities or start their own small businesses and help create jobs, in support of the country’s battle against the COVID-19 pandemic.
With the overwhelming public response to the Premyo bonds offering, Dominguez said its next issuance will be made more accessible to Filipinos here and overseas via their smartphones and other mobile devices through the Bonds.PH app.
Dominguez said the Department of Finance (DOF) and the Bureau of the Treasury (BTr) are also working closely with the Overseas Filipino Bank (OFB) to ensure that Filipinos abroad would be able to conveniently purchase the Premyo bonds by November.
Premyo bonds are interest-bearing securities offered by the government that have corresponding raffle numbers for a chance to win prizes.
There were 232 winners during the first Premyo bonds draw held in June this year.
“I strongly urge the winners to consider using their rewards to start small businesses and create jobs. They can also choose to reinvest their money in government bonds. Doing so will help support the nation’s fight against the pandemic,” Dominguez said during the third Premyo bonds draw held this afternoon at the BTr’s main office at the Ayuntamiento de Manila building in Intramuros, Manila.
Dominguez and Manila City Mayor Francisco “Isko” Moreno Domagoso drew today’s batch of Premyo bonds raffle winners.
Joining them were National Treasurer Rosalia de Leon, Megaworld Corp. executive vice president Kevin Tan and Benedicta Du-Balabad, project lead of the Financial Executives Institute of the Philippines (FINEX) Academy.
One hundred winners in today’s draw will receive P20,000 each, while 15 will get P100,000 each. The grand prize winner will receive P1 million and a condominium unit from Megaworld.
Dominguez said that public reception to the Premyo bonds has exceeded expectations in terms of subscription, and has helped promote President Duterte’s goal of financial inclusion.
“It is a safe investment that ensures a fair return plus a chance to win prizes. In addition, these bonds highlight our individual roles as Filipinos in helping build back a better, more resilient economy during these challenging times,” Dominguez said.
The first Premyo bonds offering raised P5 billion from the initial size of P3 billion, making it 65 percent oversubscribed.
For the next Premyo bonds offering in November, the theme will be “pangkabuhayan” or livelihood. Dominguez said the theme underscores the government’s hope of making the bond prizes effective instruments in creating job opportunities and helping Filipinos bounce back from the COVID-19 crisis.
Dominguez said the use of digital tools will further expand the access of Filipinos to government securities, as shown by the online investments made on the PROGRESO bonds (RTB-24), which was the first to be offered in the Bonds.PH app.
“We will be using this digital channel again to broaden the public’s access to this year’s Premyo bonds,” Dominguez said.
“The more small investors save their money by putting them in government bonds, the closer we are to move towards achieving President Duterte’s paramount goal of a comfortable life for all Filipinos,” he added.
Premyo bonds are offered for a minimum investment amount of P500 and can be bought in multiples.
One Premyo bond is equivalent to one raffle ticket.
The bond earns an interest rate of 3 percent subject to a 20 percent final tax.
-oOo-
