MANILA, Philippines - The Philippines is expected to price its re-issue of 2020 bonds at around 5.73% and its 2034 bonds at 6.7%, market sources said on Wednesday, adding the bond sale was already oversubscribed based on the book build.

"There is strong demand," one Manila-based bond trader said. "The premium is 10 basis points against the secondary market."

Manila is limiting its dollar bond sale to $1.5 billion, one market source earlier said. Official price guidance is yet to be issued and could be decided when markets open for trading in New York.

The Philippines, one of Asia's biggest sovereign debt issuers, has hired Barclays Capital, HSBC, and Deutsche Bank to sell up to $1.5 billion global bonds, a government source said on Wednesday.

Last week, the Philippine central bank approved the sale of as much as $1.5 billion in dollar bonds and $1 billion Samurai bonds.