The Philippines is planning to sell retail Treasury bonds next month, aimed at refinancing maturing debt, a senior official said on Monday.

Deputy National Treasurer Eduardo Mendiola told Reuters the government has yet to determine the tenor and size of the debt issue.

The treasury bureau has P15 billion ($318 million) in retail bonds and P22 billion in regular bonds falling due in July.

The government sold 70 billion pesos in retail Treasury bonds in July last year, with maturities of three and five years.

Mendiola said the retail issue should help "deepen the capital market and provide small savers an investment opportunity."