Filipinos looking for a government-backed fixed-income investment can subscribe to Retail Treasury Bonds Tranche 32 (RTB 32) through digital platforms including GBonds on GCash during the primary offering period until October 7, 2026.
Issued by the Bureau of the Treasury (BTr), RTB 32 carries a fixed interest rate of 6.875% per annum, with interest paid quarterly. The bond has a 2.5-year term and is scheduled to mature on April 12, 2029.
The minimum investment is ₱5,000, with additional investments made in increments of ₱5,000. The BTr has listed GBonds via the GCash app among the available channels for subscribing to RTB 32.
How RTB 32 works
RTBs are government securities through which investors lend money to the Philippine government in exchange for scheduled interest payments and repayment of the principal at maturity.
For RTB 32, the 6.875% annual coupon is fixed, while interest payments are made every quarter. Interest income is subject to a 20% final withholding tax.
For example, a ₱5,000 investment at the 6.875% gross annual rate would generate ₱343.75 in gross interest over a full year before the applicable withholding tax, assuming the investment is held for the full period.
The bond is scheduled for issue and settlement on October 12, 2026, with maturity on April 12, 2029.
Digital access through GBonds
GCash users can access government bonds through GBonds, its in-app marketplace for government securities. GCash says RTBs provide regular income through periodic interest payments, while investors receive their principal back at maturity.
To create a GBonds account, users must be at least 18 years old, be a fully verified GCash user, have a verified email address, maintain updated account information within the past three years, and not be a U.S. resident or citizen.
During the primary market offering, GCash currently lists no convenience or transaction fees for RTB purchases. Secondary-market RTB transactions carry applicable fees.
What investors should know before buying
Although RTBs are government securities and offer a fixed coupon when held under the bond’s terms, they are not the same as a regular savings account.
Investors who sell an RTB before maturity through the secondary market may receive a price that is higher or lower than the amount originally invested, depending on market conditions. GCash also notes that investors can gain or lose money when selling an RTB before maturity.
For investors who hold RTB 32 to maturity, the bond is designed to return the principal at maturity, along with the scheduled interest payments, subject to the applicable terms and taxes.
The BTr’s RTB 32 offering is part of the government’s retail bond program, which provides individual investors with access to government securities while raising funds for government programs and projects.
The RTB 32 primary offer runs from September 29 to October 7, 2026, unless closed earlier by the BTr.
