Globe Telecom, the country's second-largest phone firm, said on Friday its board had approved a plan to issue 10 billion pesos ($205 million) in retail bonds next year to diversify its sources of funding. 

Globe, owned by Singapore Telecommunications and local conglomerate Ayala Corp, said it was planning to issue an initial 5 billion pesos of the bonds early next year. 

"The bond programme is expected to provide the company with the option to tap the retail market over the next 12 months, side by side with its other traditional funding sources," Globe said in a statement. 

The company earlier reported a 9.3 percent drop in its net profit for the nine months to September to 8.8 billion pesos as service revenue slipped 1.3 percent to 46.6 billion pesos. 

In August, Globe said it expects low-single digit growth in revenue this year as high inflation weakens demand.