Last updated: October 12, 2026

The Bureau of the Treasury (BTr) has closed the offer period for the 32nd tranche of Retail Treasury Bonds, and demand was strong. RTB32 pays 6.875% per year for 2.5 years, with interest released every quarter. The government raised ₱167.25 billion in new money, and the bonds are issued and settled on October 12, 2026. If you missed the offer, you can still buy RTB32 in the secondary market, and this guide covers how that works, what bondholders can expect, and how much the bond pays.

If you read my earlier guide on RTB31, you already know the basics. For a broader look at how RTBs work, see my complete RTB guide. To test your own numbers, use the RTB calculator.

What Is RTB32?

RTB32 is the 32nd tranche of the Retail Treasury Bonds, peso-denominated government securities issued by the Republic of the Philippines through the BTr. When you buy one, you lend money to the government, receive fixed interest every quarter, and get your principal back at maturity. It also marks the 25th year of the RTB program, which the Department of Finance says has raised more than ₱6 trillion since 2001.

Here are the key terms from the BTr’s official flyer:

• Tenor: 2.5 years, due 2029
• Coupon rate: 6.875% per annum (gross, before tax)
• Interest payments: Quarterly
• Minimum investment during the offer: ₱5,000, then increments of ₱5,000
• Offer period: September 29 to October 7, 2026
• Issue date: October 12, 2026
• Maturity date: April 12, 2029
• Issue and redemption price: At par (100%)
• Tax: 20% final withholding tax on interest, except for tax-exempt institutions

How the 6.875% Rate Was Set

RTB rates are not announced in advance. The BTr sets the coupon through a Dutch auction among government securities eligible dealers on the first day of the offer. That is why every tranche can have a different rate and term.

RTB32 Results

The rate-setting auction on September 29 drew ₱188.6 billion in tenders, about 6.3 times the ₱30 billion initial offer, according to Context.ph and The Manila Times. The BTr accepted ₱84.86 billion that day. Another ₱82.39 billion came in during the offer period that ended on October 7, bringing the total to ₱167.25 billion. That is above the ₱150 billion in new money the Treasury had targeted at launch. According to BusinessWorld’s report, the BTr limited the public offering to retail investors starting October 1. The BTr also said the amount raised through the exchange offer will be announced at a later date.

How Much Does RTB32 Pay?

The 20% final tax matters, so here are the numbers after tax. A 6.875% gross coupon works out to 5.5% net per year.

• ₱5,000 earns about ₱343.75 gross a year, or ₱275 after tax. Over 2.5 years, that is about ₱687.50 net.
• ₱50,000 earns ₱3,437.50 gross a year, or ₱2,750 net. That is ₱687.50 net per quarter and ₱6,875 net over the full term.
• ₱100,000 earns ₱6,875 gross a year, or ₱5,500 net. That is ₱1,375 net per quarter and ₱13,750 net over 2.5 years (₱17,187.50 gross).
• ₱500,000 earns ₱34,375 gross a year, or ₱27,500 net. That is ₱6,875 net per quarter and ₱68,750 net over the full term.

You get 10 quarterly payments in total, and your principal comes back at maturity if you hold the bond until then. Want to plug in your own amount? Try the RTB calculator.

RTB32 vs RTB31: What Changed?

The biggest difference is the tenor. RTB31 locked your money for 5 years at 6.000% (issued August 20, 2025 and maturing August 20, 2030, based on the BTr and Philippine News Agency reports), while RTB32 locks it for only 2.5 years at 6.875%. A shorter lock-in means less exposure if market rates keep moving, and you get your principal back sooner.

The buying channels also changed. RTB31’s flyer listed the Bonds.PH app, but the RTB32 flyer does not. New names appeared instead: ATRAM Prime, ATRAM PERA, and RCBC Pulz.

The Exchange Offer for Maturing Bonds

RTB32 also came with an exchange offer. Holders of the bonds below, which are maturing soon, could swap them into RTB32 instead of waiting for cash. The BTr listed these as eligible:

• RTB 15-01 (6.250%, matures October 20, 2026), repurchase price 100.01
• FXTN 20-13 (8.000%, matures December 7, 2026), repurchase price 100.30
• FXTN 03-30 (6.000%, matures January 4, 2027), repurchase price 100.01
• RTB 15-02 (5.375%, matures March 1, 2027), repurchase price 99.79
• RTB 05-15 (4.875%, matures March 4, 2027), repurchase price 99.59

The repurchase prices were based on BVAL as of September 22, 2026. Accrued interest on the old bonds is paid out on the issue date. The BTr has said the total raised through the exchange will be announced at a later date.

How to Buy RTB32 Now

The offer period ended on October 7, 2026, so RTB32 can no longer be bought at par from the BTr. You can still buy it in the secondary market through banks and brokers, and some apps let you buy or sell inside the app. GBonds on GCash, for example, has said secondary-market trading is available after the primary offer closed, with standard fees. Prices follow prevailing market rates, so you may pay above or below par, and the yield you get depends on the price you pay. Always check the price, the minimum, and any fees before you confirm. For the general steps on buying through a bank, see my BPI RTB guide, and for the app route, my GCash RTB guide. Both were written for RTB31, but the steps are similar.

What to Expect If You Bought RTB32

If you bought over-the-counter, your Confirmation of Sale follows within 30 calendar days from the issue date. Interest is credited every quarter to your designated settlement account or app wallet, and your principal comes back on April 12, 2029 if you hold to maturity. Keep your confirmation, and compare your first coupon against the amounts in the earnings examples above.

Risks to Understand

RTBs carry the lowest credit risk in the peso market because they are direct and unconditional obligations of the Republic. The risk that remains is price risk. If you sell before April 12, 2029, the price depends on market rates at that time, so you may sell at a premium or at a discount to face value. Holding to maturity is the way to lock in the full yield.

Inflation is the second consideration. The coupon is fixed, so if prices rise faster than expected, your real return shrinks. And because interest is paid quarterly, you decide what to do with each payout, which is a plus if you want cash flow and a small drawback if you want automatic compounding.

RTB32 Key Dates

The offer opened on September 29, 2026 and ended on October 7, 2026. Issue and settlement take place on October 12, 2026. Quarterly interest follows every three months from the issue date, with the first payment around January 12, 2027, subject to the BTr’s official schedule. The bonds mature on April 12, 2029.

Frequently Asked Questions

Is RTB32 still open?

No. The offer period ended on October 7, 2026. You can still buy RTB32 in the secondary market at prevailing prices.

What was the minimum investment for RTB32?

₱5,000, and then increments of ₱5,000 during the offer. In the secondary market, minimums depend on the platform or broker.

What is the interest rate of RTB32?

6.875% per year gross. After the 20% final withholding tax, you keep 5.5% per year.

How often is interest paid?

Every quarter, straight to your designated settlement account or app wallet, until maturity on April 12, 2029.

When do RTB32 interest payments start?

Quarterly from the issue date of October 12, 2026, so the first payment is around January 12, 2027. Check your selling agent for the exact credit date.

How much did the government raise from RTB32?

₱167.25 billion in new money, based on the BTr’s announcement as reported by BusinessWorld and Philstar. The exchange offer total has not been announced yet.

Can I sell RTB32 before maturity?

Yes. RTBs trade in the secondary market through banks and brokers, and some apps let you sell inside the app. The selling price depends on prevailing market rates, so it can be higher or lower than what you paid.

Are RTB32 earnings tax-free?

No. Interest is subject to a 20% final withholding tax. Only qualified tax-exempt institutions with a valid BIR Certificate of Tax Exemption are exempt.

Is RTB32 better than RTB31?

They are different products. RTB32 has a higher coupon and a shorter 2.5-year term, while RTB31 has a lower coupon over 5 years. Your choice depends on how long you can lock your money.

Blogger’s Corner

Kuya Well here. Kung nakasakay ka sa RTB32, congrats, you locked in 5.5% after tax for 2.5 years. Kung na-miss mo, don’t panic, kasi may secondary market, pero compare the price you pay with par first, kasi hindi na iyon ang same na deal. Either way, ang tunay na kita mo ay ang after-tax number, at only money you will not need until April 2029 should go in. Kung emergency fund mo yan, keep it liquid. And if you want the bigger picture on how RTBs fit in a portfolio, read my complete RTB guide and run your numbers in the RTB calculator.

This article is for educational purposes only and is not financial advice. Rates, dates, and terms come from the Bureau of the Treasury’s RTB32 materials and news reports at the time of writing and may change, so confirm details with the BTr or your selling agent before investing.