* First time the drug approved for ovarian cancer treatment

* Shares up 5 percent after Philippines green light

* U.S. panel to review drug July 15

(Adds analyst quote, detail)

MADRID, July 10 (Reuters) - Spain's Zeltia (ZEL.MC: Quote, Profile, Research) said on Friday its Yondelis drug had been approved for the treatment of recurrent ovarian cancer in the Philippines, ahead of a hoped-for green light in the key U.S. market next week.

The news sent Zeltia shares, which are notoriously volatile, up 5 percent to 5.48 euros at 0720 GMT.

The Philippine decision comes ahead of a meeting of a Food and Drug Administration (FDA) expert panel on July 15 at which the use of Yondelis for ovarian cancer in the United States will be discussed.

"This is the first approval in the world for use in this kind of cancer, and although it may not be indicative of further approvals, it certainly helps," said Elena Fernandez, analyst at brokerage Ahorro Corporacion Financiera, who has a fair value share price for Zeltia of 7.20 euros.