The Philippines is studying a retail Treasury bond offer in the coming months to provide fresh debt supply in the local market and to refinance maturing debt, officials said on Tuesday.

National Treasurer Roberto Tan told reporters the government has not set an offer size yet for the possible retail bond issue. Market players earlier said about P30 billion ($614 million) worth of retail bonds would be up for sale in July.

"We will consider that," Tan said when asked about a possible retail bond offer. "We have no definite plan on the amount. That will depend on our cash position and how we see the market."

Deputy National Treasurer Eduardo Mendiola said separately the plan for a retail bond was being pushed to satisfy demand from small investors who failed to participate in a similar offer last year.

The government sold P70 billion worth of retail Treasury bonds in July 2008, with maturities of three and five years.

Yields for 3-year and 5-year bonds in the secondary market were largely steady on Tuesday from the previous day, with the 5-year debt at 6.18 percent and the 3-year paper at 5.35 percent.

Data from the Treasury department shows the government had maturing debt of about P15 billion in retail bonds and P22 billion in regular Treasury bonds in July.