Philippine President-elect Rodrigo Duterte on Monday vowed to address the South China Sea conflict upon assuming office saying he would opt to engage in multilateral talks with China, Manila's allies such as the United States, Australia, and Japan, as well as other claimant states, to resolve the territorial dispute.

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The 71-year old tough-talking mayor said instead of a confrontation with Beijing over the Philippines' claims in the South China Sea, it would be much better if the two countries would enter into a joint partnership to exploit offshore oil and gas in the disputed waters.

The South China Sea is believed to contain large deposits of oil and gas and is a very important international waterway where $5 trillion worth of ship-borne goods passes through every year.

Joint ventures

"If we want joint ventures, fine. We exploit gas and oil. I believe in sharing," he told reporters at a press conference.

Duterte said Beijing should respect the Philippines' exclusive economic zone (EEZ) in the waters off its coasts, which is well within Manila's territory under international law.

He said talks between the claimant countries and China, and military powers like Japan, the United States, and Australia is vital to reach a consensus on the South China Sea row.

Multilateral Roundtable Discussion

"They would want a multilateral roundtable discussion, probably this year," he said referring to the United States, Australia, and other western nations.

Duterte reiterated that no country wants to go to war and despite being an ally of the US, multilateral talks is the way to resolve the South China Sea issue.

Duterte's announcement comes on the heels of an international arbitration court ruling, which is expected to be handed down in the coming weeks.

The Philippines filed a case against China over its territorial claims in the South China Sea before the Permanent Court of Arbitration (PCA) in the Hague three years ago.

Political analysts are wary of Duterte saying the newly-elected president might trash the tribunal ruling altogether. The court's judgment is expected to go against China.

TagsPhilippine President-Elect Rodrigo Duterte, south china sea conflict, joint ventures, Exclusive economic zone, Permanent Court of Arbitration, china