MANILA, Philippines -- The Philippine government should consider tapping the international debt market soon for its borrowing requirements for next year, the Bangko Sentral ng Pilipinas, the country's central bank, said Tuesday.

"If there are opportunities today, why not take advantage?" central bank deputy governor Diwa Guinigundo told Reuters.

The government plans to raise $1.5 billion from the overseas debt market in 2009 to help keep its budget deficit at P102 billion ($2.1 billion).