MANILA - The Philippines is keen on issuing more sovereign bonds this year if a plan to raise up to $1 billion in Samurai bonds proves to be more costly, Finance Secretary Margarito Teves said on Wednesday.

A global bond issue could be a cheaper option for Manila unless the Japan Bank of International Cooperation (JBIC) agrees to reduce a guarantee fee on the government's planned Samurai bond offer, Teves told Reuters.

"If (JBIC) cannot make the adjustment and the global bonds are still more attractive, and at a certain point we really need it, we may have to tap the global bond before the Samurai," Teves said shortly after meeting with JBIC officials in Manila.