The Marcos administration is cutting the size of its upcoming retail Treasury bond (RTB) sale by more than half from last year amid elevated yields and several auctions still lined up for the rest of 2026.
This is according to National Treasurer Sharon Almanza, who said the notice of offering could be released soon, subject to market conditions.
RTBs are government securities that can be purchased by small investors, with the minimum investment typically set at P5,000.
‘We are not going to raise the usual volume that we’ve been raising in the past. It will definitely be lower by more than half from last year’s new money,’ Almanza told reporters on the sidelines of the Department of Finance’s Senate budget hearing.
‘We still have many auctions for the rest of the year. With our position right now, we don’t need a bigger volume,’ she added.
Last year, the Bureau of the Treasury raised P425.51 billion in new money from its 31st RTB offering, which carried a five-year tenor and a 6-percent annual coupon.
If the Treasury cuts the amount by more than half, the new-money target for the upcoming RTB could fall below P200 billion, although Almanza did not give a specific target.
As of end-July, the government had already raised around P1.55 trillion through Treasury bills and bonds. This leaves the Treasury about P371 billion left to raise under its P1.92-trillion gross domestic borrowing program for 2026.
The Treasury has yet to release its fourth-quarter auction schedule and target amounts. It typically holds at least four auctions each month for both Treasury bills and Treasury bonds, giving it other avenues to raise funds for the remainder of the year.
Aside from RTBs, Almanza said the Treasury was also exploring another retail dollar bond (RDB) before the end of the year as existing RDBs mature
Treasury data showed that one RDB worth P69.28 billion is due on Oct. 8, tagged with a 1.375-percent coupon.