Reuters

The Philippines may look to tap the international debt market for $500 million if it increases the overseas portion of planned borrowings this year, Finance Secretary Margarito Teves said on Wednesday.

Teves told reporters the government was considering reverting to a 64 percent-36 percent mix of local and foreign borrowings from the current 75-25.

Asked if this meant total foreign borrowings this year would then total $1 billion, he said: "Possibly. We have to make a quick decision."

The Philippines has already borrowed $500 million this year through a global bond offering in January.