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Global Peso Notes (GPNs)

Brief Description

Global Peso Notes are issued by the Republic of the Philippines to provide the market with a Bond that capitalizes on the strength of the PhP against USD.

These are direct, unconditional obligations of the Republic of the Philippines to pay the prevailing USD equivalent of the nominal PhP amount from the computed semi-annual coupon interest and bullet principal. They are effectively PhP-denominated Bonds with settlement in USD at the prevailing USD/PhP rate.

With our competitive rates, CTBC Bank can buy/sell your Global Peso Notes to address your investment needs.


  • Quote
    • The Bond is traded based on Clean Price in the secondary market
  • Representative Market Rate
    • Spot rate used to calculate for the USD equivalent of the coupon and principal payments, calculated and published by the Bangko Sentral ng Pilipinas (BSP) through Philippine Depository & Trust Corp. (PDTC), Reuters and Bloomberg
  • Spot Rate for Secondary Trades
    • Spot rate that will be used to compute the USD equivalent of the settlement amount will be based on the prevailing market rate as agreed upon by both parties during the consummation of the trade
  • Taxation
    • Tax-assumed (for tax-exempt clients, please submit pertinent documents)
  • Business Day Convention
    • GPN settlement follows New York Business Days
  • Minimum investment
    • PhP10,000,000. minimum investment
    • Increments of PhP1,000,000. thereafter


  • Individuals/Corporations:
    • Broker Customer Information Form
    • Broker Agreement
    • Client Suitability Assessment / Risk Profile Questionnaire
    • Risk Disclosure Statement
    • Two (2) Valid Government Issued Identification Cards
    • Signature Cards
    • Order Ticket
    • Corporate Papers
      1. Secretary's Certificate or Board Resolution
      2. Articles of Incorporation and By-Laws
      3. General Information Sheet (GIS)
    • Other documents as required by the third party custodian

After securing these requirements, you may start investing in Bonds by following these steps:

  • Check the current price.*
  • Subscribe to your selected GPN in the nearest CTBC Bank Business Center or contact your Relationship Manager/Account Officer.
  • Review your GPN price regularly to take advantage of possible capital gains or stay invested until it matures.
  • *Please refer to your Relationship Manager/Account Officer for the latest price.