MANILA, Philippines - Ayala Land Inc., the Philippines' largest property developer, may borrow as much as P10 billion ($216 million) via local debt issues and bank loans to partly fund record capital spending this year, a senior official said on Friday.

Jaime Ysmael, chief finance officer, told Reuters in a phone interview, the company would fund the development via a combination of internal cash and borrowing.

"Based on initial plans and computations, we will need P10 billion as a group, but that could change. We will only borrow when we need it," Ysmael said when asked about the company's debt plans.

"It will be a combination of market bond issues and bilateral bank financing," he said, adding all debt plans would be denominated in the local currency.

Ysmael declined to say when Ayala Land would need to start raising financing, saying its debt plans would be dependent on the success of the pre-selling of its residential and office building projects. He also said the company has P15.5 billion in cash it could tap to fund its capital spending this year.