She said the government may only raise $750 million to $1 billion from the international debt market next year, less than the already-revised $1.5 billion to $2 billion plan announced in November.
"We would like to tap the ample liquidity in the domestic financial markets," De Leon said. "The government has always been opportunistic in terms of its financing plans."
De Leon said the government expected to end this year with a strong cash position and would not need foreign debt in early 2013.
Helped by lower borrowing costs, improved public spending efficiency and higher revenues, the government is on track to undershoot its 279 billion pesos budget deficit target in 2012.
Its budget deficit is forecast to narrow to 2 percent of GDP next year from a projected 2.6 percent this year under the government's 2013 budget.
The government is also planning to push through an offer to swap shorter-dated local debt for tenors of up to 25 years next year as part of its debt liability management programme, De Leon said.
The Philippines has been working for a credit rating upgrade after its neighbour Indonesia returned to investment-grade status last year.
Fitch, Standard & Poor's and Moody's Investors Service have all raised their Philippines ratings to one notch below investment grade, thanks to the government's improving finances.
An upgrade would lower the country's borrowing cost and widen its base of potential investors, as some funds have restrictions on holding sub-investment grade debt.
President Benigno Aquino signed on Wednesday the government's annual 2 trillion peso ($49 billion) budget, which allocates more than 400 billion pesos for infrastructure projects and capital outlays next year.
Budget Secretary Florencio Abad said the government plans to frontload spending to repair infrastructure damaged by typhoon Bopha and help ensure growth will top that of 2012.
"Right now, we're still counting but it's possible to frontload as much as 20 billion pesos, especially with the calamity response," Abad told reporters on the sidelines of the budget signing.
Manila is targeting a economic growth of 6 to 7 percent next year from this year's 5 to 6 percent goal.
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