MANILA - San Miguel Corp, the Philippines' most diversified conglomerate, said on Tuesday it was looking to refinance existing debt, following a report that it was planning to raise almost $2 billion in loans.

"We confirm the company seeks to refinance existing financial obligations ... to prudently manage its capital and balance sheet structure by taking advantage of the opportunities presented by prevailing market conditions," it told the stock exchange.

Basis Point, a Thomson Reuters publication, reported on Monday that San Miguel was looking to raise funds, including at a five-year loan of at least $1 billion.