MANILA, Philippines - President Gloria Macapagal Arroyo has authorized the sale of up to $1 billion worth of retail bonds to overseas Filipino workers, the national treasurer said on Thursday.

"The authority is up to $1 billion," Roberto Tan told Reuters in a phone interview. "We have enough headroom."

Earlier, issue arrangers said the OFW bonds, bulk of which would be in denominated in US dollars, would be launched in April.

Tan said the government has no plans to sell sukuk bonds at the moment, citing legal hurdles.