President Benigno Aquino said yesterday he would be willing to help Beijing seize illicit assets of Chinese who have fled to the Philippines if any cases were discovered and if Beijing requested cooperation.
The overture to Beijing comes as the two countries remain embroiled in a territorial dispute in the South China Sea.
"Not to my knowledge have there been discussions with our Chinese friends with regards to this particular operation," Aquino said at his annual press conference with the Foreign Correspondents Association of the Philippines. "But we, in general, would be open to cooperating with any other country with regards to stamping out corruption, number one, and also in compliance with our commitments with regards to anti-money-laundering activities."
He said his government would help China in its efforts to seize such assets "based on our specific rules and our laws".
But "it has to be in conformity with our laws and procedures", he said.
China announced in July an operation called Fox Hunt that is going after those corrupt officials who have fled overseas with their ill-gotten gains.
The campaign is part of President Xi Jinping's broader crackdown on graft.
Australian police have agreed to assist China in the extradition and seizure of assets of corrupt Chinese officials who have fled with hundreds of millions of dollars in illicit funds.
The United States, Canada and Australia are believed to be the three most popular destinations for suspected Chinese economic criminals.
However, Aquino's comments make him the first world leader to publicly state a willingness to assist China in its crackdown - despite the diplomatic rifts between the two countries.
In the same forum, Aquino was also asked about the construction of airfields by China on islets also claimed by Manila. He replied: "Obviously, it's a game changer. We think it's not in conformity with an agreement that they signed into in 2002 called the Declaration on the Conduct of Parties in the South China Sea."
Regarding those in the Chinese government willing to wait out his term, which ends in 2016, for a change in direction, he said: "That might be the case. But, at the end of the day, the fundamental question is their nine dashes (the "nine-dash line" demarcating China's claims to South China Sea islands) intrude on our exclusive economic zone. Will any successor of mine say: 'OK, please take this portion of the Philippines, and please take that portion of the Philippines?' I don't think any successor who wishes to remain in office will take that route. So you can bury your head in the sand, but at the end of the day, it's still a problem."
He also said the "diplomatic side" of him was open to establishing a hotline that would be used to help handle South China Sea disputes.
Additional reporting by Reuters