The Philippines will not allow ousted president Ferdinand Marcos to leave Hawaii for a third country until there is constitutional stability here, Vice President Salvador Laurel said today.

Laurel said he told President Reagan last week in Bali, Indonesia, that he would not like to consider the idea of giving Marcos a passport until legislative elections are held following the writing of a new constitution.

Laurel, who is also foreign minister, went to Bali for a meeting of the Association of Southeast Asian Nations.

Reagan and Secretary of State George P. Shultz broached the idea with Laurel that the Philippines should give Marcos a passport to allow him to go to another country.

At a news conference today, Laurel said he told Reagan the Philippines was not ready to have Marcos back. "We are speeding up our return to constitutional normalcy and we don't want any possible obstruction or delay," he said. He expressed apprehension that Marcos may go to a third country and be in a better position "to get hold of his funds and use this money to destabilize the new government."

From his exile in Honolulu, Marcos has been urging his followers here to pressure for his return. The agitation led to the first violent clash last week between Marcos loyalists and Aquino supporters.