Treasury bureau bares list of accredited primary dealers

The Bureau of the Treasury (BTr) has released the names of 16 financial institutions that it recognizes as Primary Dealers (PDs) of government securities for the year 2026.

In a memorandum dated December 23, 2025, signed by National Treasurer Sharon Almanza, the BTr announced the list of qualified Government Securities Eligible Dealers (GSEDs) under the PD System.

The designation grants the institutions the exclusive right to participate in primary auctions of government debt.

The list for 2026 includes: Asia United Bank; Banco De Oro Unibank, Inc; Bank Of The Philippine Islands; China Banking Corporation; Citibank NA; Development Bank Of The Philippines; Deutsche Bank AG; The Hongkong and Shanghai Banking Corporation Ltd; JPMorgan Chase Bank; Land Bank of The Philippines; Metropolitan Bank and Trust Company; Philippine National Bank; Rizal Commercial Banking Corporation; Security Bank and Trust Company; Standard Chartered Bank; and Union Bank of the Philippines.

Almanza said the selection was based on guidelines established under Treasury Circulars No. 01-2025 and No. 04-2025, which set eligibility requirements, obligations, and performance standards for participants. Primary Dealer status may be revoked for non-compliance.

This one-year designation, effective immediately, replaces all prior announcements on PD appointments.