Philippines eyes $500 mln global bond, no time set

MANILA, Oct 14 - The Philippines is still deciding when to tap international markets to fund the costs of rebuilding typhoon-hit areas in the north and for 2010 needs, but any global bond will likely be for $500 million, the finance secretary said on Wednesday.

Congress has authorised the government to spend 12 billion pesos ($258 million) more on typhoon relief this year after two storms since late last month devastated crops and infrastructure worth at least 23 billion pesos.

"It looks like right now it might really be a menu (of options)," Finance Secretary Margarito Teves said at a briefing, referring to how the expenditure could be funded.

He said later that any funds raised could also be used for 2010 requirements, and that a global bond, when floated, was likely to be for $500 million.

Teves also said the 2009 budget deficit could creep up to 300 billion pesos from a targeted 250 billion pesos under a worst-case scenario where revenues would keep falling and the government would fail to sell assets as planned.

However, the government was maintaining its target of a 250 billion pesos deficit for now, he said.