The plan is to sell $1 billion in global bonds and another $1 billion in samurai bonds, National Treasurer Rosalia de Leon told Reuters.

"That is part of (this year's) financing programme but actual sale will depend on market conditions," she said, confirming a local newspaper report about the fund-raising plan.

In March the government raised $230 million from a sale of panda bonds, a debut offering that drew strong demand and followed an issue of 10-year global bonds early this year, which raised $750 million.

The Philippines, one of Asia's most active issuers of sovereign debt, is raising money to finance its $180 billion "Build, Build, Build" infrastructure plan that aims to upgrade or build roads, bridges, railways, seaports and airports.

Finance Secretary Carlos Dominguez said in May a second dollar bond issue this year was planned to fund the infrastructure programme and pay maturing debts.

The dollar bond issue might be launched "late third or early fourth quarter", ahead of further interest rate increases by the US Federal Reserve, he said.