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seanm

Philippine Premyo Bonds

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seanm

Can someone explain this to me.

From what I can tell a person goes to set up an online account. They go to one of the participating banks and deposit the money.

Example: A person deposits 100k pesos into the Premyo Bonds. They get paid a total of 2,400 (so like 600 in April, 600 in July, 600 in October, and 600 January).

Do I have this right?

 https://business.inquirer.net/284015/treasury-premyo-bonds-to-be-sold-at-interest-of-3-per-annum

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Paddy

The article actually makes it sound like you could walk into, say, Chinabank, and buy over the counter as well as online with other banks. It is not clear whether you would get the physical bond or not. You’d probably need them linked to an account in order to get the interest and any prize winnings and a TIN to accommodate the tax on the interest (maybe). 
 

This is similar to the old fashioned UK Premium Bond which could be bought at a Post Office. Although this didn’t have an associated interest rate, just the regular raffle for prizes. Savings really with the attraction of possible winnings. I had a couple for years...never won anything. Eventually redeemed at face value. The article says the Premyo bond is good for 1 year though. Premium Bonds had no specific expiry date. 

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