MANILA - The Philippines may cancel or delay a planned retail Treasury bonds offer next month with the government keen to raise most of its additional borrowing needs this year from foreign sources, a senior government official said.

Deputy Treasurer Ed Mendiola told Reuters the Bureau of Treasury is reviewing its July retail issue after the government said it was considering issuing Samurai bonds worth $1 billion-$1.5 billion this year to fund a wider budget gap in 2009.

"We may decide not to push through with it, postpone or move it to another date," Mendiola said.