MANILA - The Philippines is studying the possibility of issuing five- and 10-year Samurai bonds this year, a Department of Finance official said on Wednesday.

Leah de Leon, a Finance undersecretary, told Reuters the government was considering a Samurai bond offer of up to $1 billion. The final decision on the size of the offer would depend on market conditions and the debt costs for the government, she said.

The Malacanang palace, however quoted Finance Secretary Margarito Teves as saying the issue could reach up to $1.5 billion.