Finance Secretary Ralph G. Recto has commended the country’s government securities-eligible dealers (GSEDs) for their critical role in nation-building by helping the government raise funds and promote financial inclusion among Filipinos.

GSEDs are Securities and Exchange Commission (SEC)-licensed securities dealers belonging to one of the financial service industries regulated by a government agency, such as the Bangko Sentral ng Pilipinas (BSP), SEC, or the Insurance Commission (IC).

They are eligible to participate in the primary auction of government securities, helping promote depth and liquidity in the government securities market through position-taking and market-making in the secondary market, as well as support the capital market development initiatives of the Bureau of the Treasury (BTr).

In 2024, the GSEDs were able to help raise an unprecedented amount of PHP 586.84 billion from the government’s 30th Retail Treasury Bond (RTB) offering.

“This was the highest amount ever obtained of all our RTBs, fulfilling over a fifth of our financing requirement for the year in a cost-effective manner. For this historic feat, I commend our GSEDS, especially the top 10 of them, for relentlessly reaching out to our investing public, especially our retail sector and ordinary Filipinos,” he said in his opening remarks at the BTr 127th Anniversary and GSED Awarding Ceremony on November 12, 2024.

The GSEDs likewise supported the government to raise USD 4.5 billion from global bond issuances this year.

For 2024, Metropolitan Bank and Trust Company (Metrobank) was recognized as the top performer among all GSEDs.

Included in the top 10 were Banco de Oro Universal Bank (BDO), Bank of the Philippine Islands (BPI), China Banking Corporation, Citibank N.A., Development Bank of the Philippines (DBP), Land Bank of the Philippines (LBP), Philippine National Bank (PNB), Security Bank Corporation, and Standard Chartered Bank.

Secretary Recto vowed to continue pursuing the right policies that solidify financial institutions and modernize the Philippine capital market to support the growth of GSEDs and the journey of every Filipino towards financial freedom.

In fact, he shared that the government will be launching the innovative GBonds with GCash in December to make investing even easier and more accessible for the public.

“For we envision a future where investing in government bonds is no longer a luxury but a new normal for Filipinos—with just a few swipes away and as easy as ordering their favorite food delivery. This empowers our people to effortlessly secure their future, all from the comfort of their homes,” Secretary Recto said.

With this, he called on GCash, the Philippine Digital Asset Exchange (PDAX), Inc., and regulators to speed up the process of launching the GBonds to bring the government closer to achieving financial inclusion for Filipinos.

“[A]s we push for greater retail participation and digital transformation, let me assure you that the economic team will continue fostering a stronger economy that provides favorable conditions for growth and investment,” the Finance Chief said.

With the recent enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, Secretary Recto expects to bring in more investments that create high-quality jobs to increase people’s incomes, enhance their capacity to invest, and ultimately reduce poverty across the country.

“And rest assured, we will use every peso invested by our people in government bonds for public projects and programs that ensure prosperity for their lives and the future of their children,” he said.

Finally, Secretary Recto encouraged GSEDs to remain agile and adaptive in their role as prime market movers and drivers of the Philippine development story.

“Together, let us transform our capital market as a means for every business and every Filipino to be shareholders in the country’s inclusive growth,” he said.

The event also unveiled the BTr’s Enhanced Primary Dealer System. Under the new system, existing GSEDs are expected to strengthen their market-making activities in both the primary and secondary markets––fostering a more dynamic and active local capital market.

Joining Secretary Recto were National Treasurer Sharon P. Almanza, SEC Commissioner Bryant Fernandez, BSP Assistant Governor Lyn Javier, Philippine Dealing Exchange PCEO Antonino Nakpil, and key financial market officers representing the 33 GSEDs.