MANILA, Philippines (UPDATE) - The Philippines' Bureau of Treasury said it will issue an additional P9 billion ($211 million) of 2018 bonds through a tap facility after a regular T-bond auction on Tuesday attracted strong demand.

The Treasury sold 9 billion pesos of 7-year treasury bonds at a regular auction, which attracted bids of P32.73 billion.

The average rate on the 7-year paper, with coupon of 5%, fell to 4.504% at the auction from 5.017% when the debt paper was first sold in August last year.

National Treasurer Roberto Tan told reporters the government may cancel a scheduled T-bill auction on Feb. 20 to make way for a retail T-bond sale on Feb. 21.

Manila will open the sale of 15-year and 20-year retail treasury bonds next week, aiming to raise at least P40 billion from its first retail bond offering this year.

The Philippines, which relies heavily on local and foreign borrowings to fund its budget deficit, has more than P80 billion of retail bonds falling due in February.

It raised a record P110 billion from its last retail bond offer in October 2011. It also sold P104 billion of similar bonds in March last year.