MANILA, Philippines - The Philippines expects to launch a $500 million foreign-currency retail bond issue in April, with $400 million to be denominated in dollars and the rest in euros, National Treasurer Roberto Tan said on Monday.

The bond issue is aimed at Filipinos working overseas. The sale of the 3- and 5-year bonds still needs approval from the central bank's monetary board, which is due to meet on Tuesday ahead of the break for Easter holidays.

The government has approved raising up to $1 billion from the bond offer, and has said it hoped to launch the initial tranche next month.

"We're still waiting for the clearance from the central bank. Hopefully we can do it in late April," Tan said.

About a tenth of the Philippines' 92 million people work overseas, and they sent home a record $17.3 billion in 2009. The government expects remittances to increase by 6% in 2010.