Gov`t delays issuance of retail treasury bonds

While the Philippines still plans to issue retail treasury bonds or RTB this year, the Bureau of Treasury is biding its time.

They are awaiting for more favorable market conditions, which might not occur, because the bond markets in Japan, the United States and in Europe are all experiencing existential troubles.

National Treasurer Sharon P. Almanza noted that the market sentiment for bonds and treasury bills is low due to the continuing war in West Asia between Iran and the United States-Israel combine.

“There will always be a market for RTBs, particularly with maturities coming due this year. The domestic market remains liquid, although the market sentiment is still affected by geopolitical tension in the Middle East as well as developments in the global financial market particularly the US Treasury,” she said.

The government’s last RTB offering was in August 2025 when it raised P507.16 billion from five-year notes.  Now, the bureau aims to  raise less than the amount generated from last year’s issuance.

She noted the planned offering will be made available again on GCash via the GBonds feature.

Ms. Almanza said there will also be a bond exchange program similar to last year, but noted that the new money raised from the coming issuance will likely be smaller.

Analysts said the market environment remains supportive for an RTB issuance this year amid easing inflation, strong liquidity, and investors looking to lock in yields before rates move lower.