Some of the country’s top developers have been tapped by the government to share in giving prizes to winners of its recently-launched Premyo bonds.
Simultaneous with the launch of the pioneering bonds, the Bureau of Treasury signed yesterday an agreement with DoubleDragon Properties Inc., Vista Land and Lifescape Inc., and Megaworld Corp. for the additional prize — either a condominium unit or a house and lot — which will go together with the P1-million original prize the “Premyo Bonds” will give.
As the name implies, bondholders will have the chance to win a cash prize from the government for subscribing to the bonds which will be sold in P500 denomination through agents Banco de Oro (BDO), BDO Capital and Investment Corp., Chinabank Corp., China Bank Capital Corp., Development Bank of the Philippines, First Metro Investment Corp., Land Bank of the Philippines, and Metropolitan Bank & Trust Co.
The Premyo Bonds will be issued in scripless form where only book entries represent the security holding and settlement, and no physical certificate is issued .
The government said there is no cap as to how much an investor can buy but each bondholder will be limited to 20,000 bond units —or equivalent to P10 million — for interests that can be included into the bond’s cash rewards structure.
Investors that can buy the bonds are individuals, trust entities, employee retirement funds, provident funds and cooperatives associations.
The government expects to generate at least P3 billion from the bonds which carries a coupon of 3 percent.
The offering started yesterday, November 25 and will run until December 13. Issue date is eyed on December 18.
The bonds’ coupon will be paid on a quarterly basis. (R. Castro)