First of all, I would like to congratulate the Bureau of the Treasury for conceptualizing and successfully executing the Premyo Bonds. I would like to thank the generosity of our sponsors namely, Lessandra Vista Land and PRO-FRIENDS Housing for the non-cash rewards. The Premyo Bond has not only exceeded expectations in terms of subscription but, more importantly, in promoting financial inclusion. The Premyo Bonds have encouraged thousands of new small investors to participate in this underdeveloped market.
The lockdown, unfortunately, forced us to postpone the draw scheduled last March. The draws for the first and second quarters have been consolidated and I congratulate the 200 lucky winners of 20,000 pesos each, and 30 winners of 100,000 pesos each, and the two new millionaires who have been also given a house and lot for their investment. I think the value of the house and lot must be about, I don’t know, 3-4 million pesos each, so congratulations to all the winners.
The success of this bond offering accomplishes several goals in one blow. It enables the government to improve on the ratio of its domestic-to-foreign borrowing mix. It also opens a safe investment opportunity for small investors. It helps protect our savers from spurious investment schemes, such as pyramid scams, and from onerous lending practices, such as the widespread and illegal “5 – 6”. At the same time, the Premyo Bonds advance on our goal to achieve a more inclusive financial system for the country.
The COVID-19 pandemic has devastated economies around the world and, over the past few months, the Philippine government has had to increase its expenditures to strengthen our health system and protect our most vulnerable communities. Investment in government bonds such as this one will help us cover our deficits brought about by the emergency and prepare our economy for recovery. Because of the fiscal discipline we have exercised over the past few years, the Philippine government found financial strength in the midst of a global health, and now economic, crisis.
I strongly urge the lucky winners of the draws to consider using their rewards to start small businesses and reinvest in government bonds. Doing so will help us fund our COVID-19 response measures and create new jobs to replace those temporarily lost as the health emergency set back our economic growth. Investments that will lead to employment opportunities will be the key drivers in our economic recovery.
Let me assure you that this government is doing its best and its utmost to protect our people’s health while at the same time preparing our economy for a strong rebound.
See you all in the next rewards draw which will be held in September and December of this year. I hope that you will continue to support and “Invest Pa More” in the bond issuances of the government.
Thank you very much.
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