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MANILA, Philippines -- The Philippines should soon choose underwriters for a sovereign bond it plans to issue early this year, National Treasurer Roberto Tan said Tuesday.

The government has said it wants to cover much of its $1.5 billion total 2009 overseas borrowing needs in the first quarter. The Philippines could be the first sovereign debt issuer in the region this year.

"We are ready to make a decision on the selection of underwriters," Tan told reporters, but declined to make further comment.

Tan said the volume of its sovereign bond offer would depend on market conditions, which have been improving recently.

"It depends on market appetite," Tan said when asked on the size of the Philippine bond offer. "It makes sense to be in the market when the right opportunity is there."

Analysts said the Philippines would seek to refinance its sovereign bonds maturing in March worth about $935 million.

Some credit analysts expect some selling in emerging Asia bonds as investors make room in their portfolio ahead of the Philippine sovereign bond offer, which could happen anytime soon.

The Philippines is now reviewing proposals from investment banks, including Citigroup, Credit-Suisse, UBS , JP Morgan and Deustche Bank, after it sent invitations for underwriting deals to 11 institutions.

Manila, one of Asia's largest sovereign debt issuers, also plans to borrow $1.1 billion in official development assistance loans this year and raise $8.2 billion in the domestic debt market to meet its spending needs and fund a budget deficit seen widening to P102 billion ($2.2 billion) from as much as P75 billion in 2008.

Tan said the Treasury was also planning to issue retail treasury bonds or increase the volume of its domestic debt offers to cover local debt redemptions in February. It can also opt for a domestic bond swap.

($1 = P46.94)

• Rupiah tops gainers in mixed Asian trade
• Manila seeks advice on new bond issue
• Asia stocks up on hopes of recovery

• China wants new global monetary system
• Solons caution gov’t on privatization