July 22, 2024

Finance Sec. Carlos Dominguez III has urged Filipinos to continue investing in government securities not only to benefit from the yields, but also help in the country’s program to lift the economy.

In his speech during the consolidated draw for the first and second quarter of the first Premyo Bonds, Dominguez said this particular debt security has several results, namely allowing the government to increase domestic borrowing over external fund sources, protecting retail investors from illicit investment schemes, and supporting the government’s financial inclusion bid.

He said proceeds of this issuance boost the government’s funds and address budget gaps, especially now that there is a big need to spend on the programs towards addressing the Covid-19 pandemic.

“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,” he added.

Drawn during the event were 200 winners of P20,000; 30 winners of P100,000; and two winners of a house and lot and P1 million each.

Dominguez urged the winners to use their prizes to start small businesses and reinvest in government securities.

“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,” he said.

He added the 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.”PNA release