A new draft law is sought on government securities.
Investors ditched shares and fled to the safety of bonds as risk assets fell out of favor on growing fears of a US recession.
The government on Friday reiterated its intention of issuing sovereign bonds, and said they will become available to investors in the next four to five years.
The government plans to reduce its foreign debt and raise capital through the issuance of bonds.
The Philippines plans to issue $1 billion in bonds to finance next year’s record budget.