The Bureau of the Treasury (BTr) has launched the 32nd tranche of Retail Treasury Bonds, and this one comes with a rate that will get attention. RTB32 pays 6.875% per year for 2.5 years, with interest released every quarter, and you can start with only ₱5,000. The public offer period runs from September 29 to October 7, 2026, so the window is short.

If you read my earlier guide on RTB31, you already know the basics. This article covers what is new with RTB32, how much you can actually earn after tax, where to buy, and who this bond is really for. If you want 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: ₱5,000, then increments of ₱5,000
• Offer period: September 29 to October 7, 2026 (the BTr may close it earlier)
• 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. According to Context.ph, the coupon-setting auction drew ₱188.6 billion in tenders, about 6.3 times the ₱30 billion initial offer, and the Treasury raised ₱84.9 billion in that auction alone. The BTr’s ₱30 billion figure is a minimum, and it reserved the right to upsize.

For comparison, RTB31 was a 5-year bond with a coupon of 6.000%, issued on August 20, 2025 and maturing August 20, 2030, based on the BTr and Philippine News Agency reports. RTB32 pays a higher rate, but for a shorter time.

How Much Will You Earn From RTB32?

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%, 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 appear instead: ATRAM Prime, ATRAM PERA, and RCBC Pulz. If you used Bonds.PH last time, check which channel you will use now.

The Exchange Offer for Maturing Bonds

RTB32 also comes with an exchange offer. If you hold any of the bonds below that are maturing soon, you can swap them into RTB32 instead of waiting for cash. The BTr lists 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 are based on BVAL as of September 22, 2026. The minimum exchange is ₱5,000. If you want to invest more than your original holding, you pay the difference through the regular primary offer, and accrued interest on your old bonds is paid out on the issue date. The full computation is in Annex G of the BTr’s Notice of Offering.

Where to Buy RTB32

According to the BTr flyer, you can buy RTB32 through these channels:

Online and mobile options

• BTr Online Ordering Facility at treasury.gov.ph (settlement through Chinabank, FirstMetroSec, or LANDBANK)
• GBonds via GCash
• Bonds-on-PDAX
• ATRAM Prime and ATRAM PERA
• LANDBANK Mobile Banking App
• OFBank Mobile Banking App
• RCBC Pulz

Over-the-counter

You can also buy through any authorized selling agent bank. Each bank sets its own documentary and minimum deposit requirements, so confirm that your bank is carrying RTB32 before you go. My general walkthrough for buying at a bank is in the BPI RTB guide, and my GCash walkthrough is in the GCash RTB guide. Both were written for RTB31, but the steps are similar.

How to Invest in RTB32 Step by Step

For the mobile apps, the flow is the same. Download the app, create an account, verify your email or mobile number, submit your ID and required information, cash in, and buy RTB32 before the offer closes. Apps may charge platform fees, so read the fine print before you confirm. For over-the-counter purchases, you designate a peso account with the selling agent, submit the application forms, pay, and receive an acknowledgment receipt. The Confirmation of Sale follows within 30 calendar days from the issue date.

Risks to Understand Before You Buy

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 runs until October 7, 2026, unless the BTr closes it earlier. Issue and settlement happen on October 12, 2026. Quarterly interest then follows every three months, and the bond matures on April 12, 2029.

Frequently Asked Questions

Is RTB32 still open?

Yes, from September 29 to October 7, 2026. The BTr can close the offer earlier once it reaches the subscription level it wants, so do not wait for the last day.

What is the minimum investment for RTB32?

₱5,000, and then increments of ₱5,000.

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.

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.

Can I still buy RTB32 after the offer period?

Yes, but only in the secondary market at prevailing prices, not at par.

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. Honestly, a 6.875% gross rate with a term of only 2.5 years is one of the friendlier setups I have seen for a first-time bond buyer. Pero tandaan, the 6.875% is not what lands in your account. What you really get is 5.5% after tax, so use that number when you compare it with your time deposit or digital bank rate. If the money is your emergency fund, keep it in cash. RTBs are for savings you will not need for the next two and a half years, and selling early is the only way this investment can hurt you. Check the RTB calculator first, decide your amount, and do not leave the purchase for October 7.

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 flyer and news reports at the time of writing and may change, so confirm details with the BTr or your selling agent before investing.