Manila - The United States and the Philippines will sign a new 10-year security agreement on Monday allowing American forces an increased military presence in the Southeast Asian country, senior government sources said.

The agreement is renewable based on the needs of the two oldest allies in the Asia-Pacific region, one of the sources said, asking for anonymity due to lack of authority to speak on details of the pact.

The signing ceremony will take place just a few hours before US President Barack Obama holds a bilateral meeting with Philippine President Benigno Aquino at the presidential palace in Manila, part of Obama's week-long tour of four Asian allies.

Philippine Defence Secretary Voltaire Gazmin and US Ambassador Philip Goldberg will sign the agreement on Monday morning at the Philippine Armed Forces headquarters.