According to Reuters, finance secretary Cesar Purisima declined to confirm the size of the issue or the firms involved, although an anonymous insider claimed JPMorgan, HSBC, Citigroup, UBS, Deutsche Bank and Credit Suisse have been shortlisted.
"The government will be opportunistic in timing its borrowing," the minister told journalists earlier this week. "We will continue to reduce foreign currency debt and continue to lengthen maturity."
In September, the Philippines attracted $13 billion worth of bids for peso bonds of $1 billion and the country is believed to be looking to reduce its exposure to foreign exchange by taking advantage of investment into emerging markets such as its own.
Bloomberg reported that the value of Filipino dollar bonds gained following the increased speculation, while peso-denominated bonds slipped amid anticipation of increased supply.
By Claire Archer