MANILA - Del Monte Pacific said Thursday that it was deferring the initial public offering of its Philippine unit, citing "volatile" market conditions.

The IPO, which covers 21 percent of Del Monte Philippines Inc, was projected to raise up to P13.5 billion, according to Reuters and Bloomberg.

The share sale will be deferred "until such time when market conditions improve," Del Monte Pacific told the stock exchange.

The Philippines’ stock market is Southeast Asia’s worst performer this year, hit by rising inflation and a weak currency, according to Reuters.

The Del Monte IPO would have been the first for the year.