President Rodrigo Duterte on Monday said in jest that he would not have befriended Beijing were it not for financial perks.

"If you do not have money, you are not my friend. I go to China thinking of money because in truth, I need money," Duterte said in a speech before flying to Beijing to attend a business forum.

Duterte had sought closer economic and diplomatic ties with China, refusing to flaunt a UN-backed arbitration court's ruling in 2016 that invalidated Beijing's claims over islands, reefs and outcrops in the South China Sea.

The President will address the Boao Forum in the southern Chinese province of Hainan, dubbed as Asia's answer to the World Economic Forum held annually at the ski resort town of Davos in Swtizerland.

He said he is pursuing Chinese investments on infrastructure and inter-connectivity.

Duterte will also hold a bilateral meeting with Chinese President Xi Jinping at the sidelines of the forum.

"I just simply love Xi Jinping. He understood, he understands my problems. I'd like to say thank you, China," Duterte said.

It will be the President's third time visiting Beijing. He will be on a working visit to Hong Kong later this week.

ANC, 9 April 2018