MANILA, Philippines - The Gokongweis’ JG Summit Holdings Inc. may sell between P5 billion and P10 billion worth of debt instruments in the domestic market to boost its working capital, banking sources said.

The company has sounded off interest to tap the financial market, but has yet to determine whether to issue corporate notes to selected institutional investors or retail bonds to a wider investor base, a banker said.

Some banks have already been approached to help arrange the prospective fund-raising although nothing is final yet, sources said.

If JG Summit would like a faster debt sale, one source said it could opt for corporate notes but if it wanted a larger issuance, it might use the same route recently taken by tycoon Henry Sy’s SM Investments Corp. which successfully raised P10 billion from its retail bond debut.

In the meantime, JG Summit’s property arm Robinsons Land Corp. is about to complete a P5-billion bond foray in the next couple of weeks, JG Summit president Lance Gokongwei said in a briefing after the holding company’s stockholders meeting on Friday.

“After that, we have not disclosed any other plan to raise funds,” Gokongwei said.

Most of the capital spending this year, he said, would go to the telecommunication side of the business, funding for which shall in turn be financed by export credit agencies.

JG Summit has set aside P28 billion for capital spending this year.