Philippines to Issue Tokenized Treasury Bonds
17 Nov, 2023 ● Crypto News
![Philippines to Issue Tokenized Treasury Bonds](https://wcms-cdn.bitmarkets.com/3233/!!!!!PHILL.png)
The Philippines Bureau of the Treasury announced that it shall offer 10 billion pesos ($179 million) in one-year tokenized treasury bonds for the first time.
Institutional buyers will be able to purchase tokenized bonds from the Bureau of the Treasury at minimum denominations of 10 million pesos with increments of 1 million pesos.
The bonds are due in November 2024 and have a one-year validity period. Bloomberg reports that the final interest rate will be revealed on the day of issuance.
The Philippine Land Bank and the state-owned Development Bank of the Philippines are going to issue the bonds.
Deputy Treasurer Erwin Sta responded, "We will continue to study the technology and test how far we can take it," in response to a question about whether the government is investigating the ongoing use of tokenized real-world assets and bonds.
A growing number of Asian governments are becoming interested in the tokenized bond market, as evidenced by the Philippines' decision to issue tokenized bonds rather than traditional ones.
Under its Green Bond Program, Hong Kong issued $100 million in tokenized green bonds in February.
The bonds had a one-year validity period, and the government tokenized them using Goldman Sachs' tokenization protocol.
Sources:
https://cointelegraph.com/news/philippines-sells-179-m-tokenized-treasury-bonds
https://www.ledgerinsights.com/tokenized-bonds-hsbc-orion-listed-on-adx/