BOT’s anti-scam bid deserves a second look
December 02, 2019 - Monday 4:12 AM by MDM
In a bid to entice people away from investment scams, the Bureau of Treasury last week launched a nationwide offering of at least P3 billion Premyo Bonds to raise funds for housing, education, healthcare, and social services.
In Davao City, Bureau of Treasury officials said the offering would also impact on the government’s campaign to cut down on poverty.
Under this plan, individuals, cooperatives, retirement funds, and provident funds may invest in the Premyo Bonds security under a risk-free obligation.
In return, the bonds will pay interest every quarter, require a minimum investment of P500 only, and provide a relatively higher yield than time deposits.
The bonds will have tenure of one year and an interest rate of 3.000 percent per annum.
The participating banks or the joint issue managers include the Development Bank of the Philippines, Land of the Philippines, BDO Capital & Investment Corporation, China Bank Capital Corporation, and First Metro Investment Corporation. These institutions will also act as the selling agents from which interested investors may order their Premyo Bonds.
This is certainly the kind of investment that people will readily understand and appreciate.
The floating of the bonds also comes at a time when the aftershocks of the investment scams by different companies or outfits are still felt even today.
Some of those involved have already fallen into the hands of authorities and have been slapped with appropriate charges. But some of the major operators are still around, perhaps just waiting for the right time to strike again and to victimize more people.
The Bureau of Treasury’s gambit is a delayed comedown from the fence but once it is sustained, it can prove a game changer in the lives of people.
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