MANILA, Philippines - The Philippines, the first sovereign debt issuer in Asia this year, is looking to raise its 2010 foreign debt sales to $2.5 billion from its original plan of $2 billion, a finance official said on Thursday.

Finance Undersecretary Rosalia de Leon told Reuters the government wants to complete its foreign debt issues in the current quarter.

"We will try," de Leon said when asked if the remaining foreign debt sales would be done in the first quarter. "Ideally, we want to finish it early," she said, adding that the increase in its foreign borrowings was a result of a wider-than-expected budget deficit in 2010.

On Wednesday, the Philippines sold $1.5 billion worth of global bonds, with order book in Asia alone reaching over 3 times the amount.