Philippine President Rodrigo Duterte has said that talks are already under way with China on a possible joint venture to explore for resources in areas of the South China Sea that are disputed between the two countries.

Duterte made the statement at a news conference Monday in Manila after his widely anticipated state-of-the-nation speech, where the country's leader traditionally highlights the accomplishments of the year to the public.

"They (China) have no date yet. But we are into it there already. We are there already. They have a partner already," Duterte said when asked when the joint undertaking will begin. He offered no details except to say the two sides are already discussing the matter.