A Government Securities Eligible Dealer (GSED) is an SEC-licensed securities dealer belonging to a service industry supervised / regulated by Government (Securities and Exchange Commission, Bangko Sentral ng Pilipinas or Insurance Commission) which has met the (a) P100 M unimpaired capital and surplus account; (b) the statutory ratios prescribed for the industry, and (c) has the infrastructure for an electronic interface with the Automated Debt Auction Processing System (ADAPS) and the official Registry of Scripless Securities (RoSS) both of the Bureau of the Treasury (BTr) using Bridge Information Systems (BIS) and acknowledged by the BTr as eligible to participate in the primary auction of government securities. 

On the occasion of its 125th founding anniversary, the Bureau of the Treasury (BTr) awarded its 6th set of GSED-Market Makers for the year 2023.The Enhanced GSED program, which provides for the obligations and privileges of  GSED-Market Makers, was launched in 2017 as part of reforms to develop the domestic debt market. Its goal is to promote depth and liquidity in the primary and secondary Government Securities market as well as support the capital market development initiatives of the BTr.

As of January 17, 2023

  1. Australia and New Zealand Banking Group Limited
  2. Asia United Bank
  3. BDO Capital and Investment Corporation
  4. Banco De Oro Unibank, Inc.
  5. BDO Private Bank, Inc.
  6. Bank Of The Philippine Islands
  7. BPI-Capital Corporation
  8. JPMorgan Chase Bank
  9. China Banking Corporation
  10. Citibank N.A.
  11. Philippine Bank of Communications
  12. CTBC Bank (PHILIPPINES) Corporation
  13. Development Bank Of The Philippines
  14. Deutsche Bank AG
  15. East West Banking Corporation
  16. First Metro Investment Corporation
  17. The Hongkong and Shanghai Banking Corporation Ltd.
  18. ING Banking
  19. Malayan Bank Savings and Mortgage
  20. Maybank Philippines Inc.
  21. Metropolitan Bank and Trust Company
  22. Bank of Commerce
  23. Philippine Veterans Bank
  24. Philippine National Bank
  25. Philippine Business Bank
  26. Rizal Commercial Banking Corporation
  27. Robinsons Bank Corporation
  28. Standard Chartered Bank
  29. Security Bank and Trust Company
  30. Sterling Bank of Asia, Inc.
  31. Land Bank of The Philippines
  32. Union Bank of the Philippines
  33. BONDS.PH
  34. China Bank Savings Corporation
  35. Bank Of China Limited, Manila Branch


  1. Banco de Oro Universal Bank
  2. Bank of the Philippine Islands
  3. China Banking Corporation
  4. Citibank N.A.
  5. Development Bank of the Philippines
  6. First Metro Investment Corporation
  7. Land Bank of the Philippines
  8. Philippine National Bank
  9. Unionbank of the Philippines
  10. Metropolitan Bank and Trust Company

The information on this site is intended as a general reference for internet users.
It is made available on the understanding that The Bureau of The Treasury (BTr),
as a result of providing this information, is not engaged in providing
professional advice.

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