MANILA - The Philippines has received proposals from banks for a third global bond issue before the year ends to partly fund its 2010 debt needs and a possible P10 billion ($215 million) extra budget for typhoon relief, the finance chief said on Monday.

The global bonds may be issued ahead of a planned Samurai bond sale, Finance Secretary Margarito Teves said.

"We are receiving many proposals (for a global bond) right now and evaluating them as a regular practice," Teves said.

The Philippines, one of Asia's largest sovereign debt issuers, and the Japan Bank for International Cooperation (JBIC) were close to finalizing guarantee terms for a yen bond issue of as much as $1 billion, but the actual sale may take time, National Treasurer Roberto Tan told reporters.

Lawmakers want to allocate 10 billion pesos this week to rebuild typhoon-hit roads and bridges and help farmers in northern Philippines recover from crop damage from two storms that hit the country since Sept. 26.

Under debate is whether the funds for rehabilitation need a separate budget or a mere re-allocation of the current 2009 budget.

"It will depend on whether Congress will have an accompanying revenue measure," Teves told Reuters via a mobile phone text message.

"If there is none and there is no reallocation from other programmed items, then we have no recourse but to borrow to fund the supplemental appropriation."

Tan said Manila has extra revenue of 14.4 billion pesos from its share of the sale of natural gas from the Malampaya field off western Philippines which can be used for typhoon rehabilitation. But Manila was still studying if legal contracts allow it to divert the use of the Malampaya proceeds.

"We already submitted (to Congress) a certification that there are proceeds from Malampaya which are unprogrammed," Tan said.

Tan said the government would revisit its planned issue size for a Samurai bond sale when the deal is ready. Manila previously said it may sell $500 million worth of yen bonds in the fourth quarter to pre-fund its 2010 debt needs.

"Hopefully within the next few weeks we can sign on the dotted line," Tan said on Manila's deal with JBIC.

"The transaction may take a longer time, it depends on how fast we can work, as to whether we can exercise this year or early next year."