MANILA, Philippines - The Philippines has reached a "firm agreement" with the Japan Bank for International Cooperation (JBIC) on the guarantee terms of a planned Samurai bond sale of as much as $1 billion, a senior government official said on Tuesday.

"We are just waiting for the signing (of the deal)," National Treasurer Roberto Tan told Reuters.

Tan said Manila was looking at an initial $500-million Samurai bond sale, but did not give details on the timing. Finance Secretary Margarito Teves said last week the yen bond may be issued as early as this month.

JBIC President Hiroshi Watanabe will be in the Philippines next week to attend a forum hosted by the Asian Development Bank on the global financial and economic crisis.