Philippine tycoon says plans to buy AIG unit

MANILA, Oct 13 (Reuters) - Henry Sy, one of the richest men in the Philippines, is planning a bid to buy the Philippine unit of American International Group (AIG.N: Quote, Profile, Research) (AIG) along with a foreign partner, his holding company said on Monday.

Sy already controls Banco de Oro Unibank (BDO.PS: Quote, Profile, Research) (BDO), the country's second-biggest bank. AIG unit Philippine American Life and General Insurance Co (Philamlife) is the country's biggest insurer.

"We confirm SMIC/BDO's interest to purchase Philamlife, together with a foreign partner," Sy's holding company, SM Investment Corp (SM.PS: Quote, Profile, Research) (SMIC), said in a statement to the stock exchange.

It did not give any further details.

Philamlife has said it has received offers from about 10 local and foreign groups after it was declared among the assets being sold by AIG to pay off its debts to the U.S. government.

The government recently lent the insurer $85 billion to save it from bankruptcy, followed by another loan of $38 billion last week.

Only a few have publicly declared interest, including conglomerate Ayala Corp (AC.PS: Quote, Profile, Research) and the Yuchengco business clan, the owners of Rizal Commercial Banking Corp (RCB.PS: Quote, Profile, Research), the country's sixth-largest.

Government pension fund GSIS may also be among the bidders for Philamlife, newspaper reports have said. (Reporting by Raju Gopalakrishnan; Editing by Kim Coghill)