MANILA, Philippines - The government plans P100 billion ($2.2 billion) of stimulus spending in 2010, which can be funded without additional government borrowing, Finance Secretary Margarito Teves said on Monday.

The spending would be about 30% of the P330 billion of stimulus in 2009, and would be targeted at infrastructure such as telecoms, power and water projects, Teves said after speaking at an Asian Development Bank conference.

"The Philippines will be spending P100 billion for stimulus projects for 2010," he told reporters, adding the government could fund the spending without extra borrowings.

Asked whether the government would set aside funds to help prop up the economy next year, he said, "We don't know yet whether an exit strategy is in order after 2010."

"We're hoping the world recovery will be strong enough that the stimulus programme that we had in 2009 and 2010 will no longer be needed."

Separately, Finance Undersecretary Leah de Leon said the government was likely to start selling a retail bond issue for Filipinos abroad at the end of April.

De Leon said the bond issue would be launched once it was cleared by the central bank's monetary board, which is expected to meet this week.

The government has approved raising up to $1 billion in the dollar- and euro-denominated bonds, with the initial sale tranche expected to be about $500 million.

About a tenth of the Philippines' 92 million people work overseas, sending home a record $17.3 billion in 2009.