MANILA - President Rodrigo Duterte on Thursday responded to Senator Antonio Trillanes' accusations that he has amassed billions of ill-gotten wealth that were hidden in several bank accounts.

In a recorded video released by the Palace, Duterte denied Trillanes' allegations and vowed to resign immediately if the accusations were found true.

Below is the Presidential Communications Office's full transcript of Duterte's response to Trillanes' allegations:

RESPONSE OF PRESIDENT RODRIGO ROA DUTERTE TO THE CHALLENGE OF SEN. ANTONIO TRILLANES

"First is that Trillanes is on his last term and would have no nothing to lose if he would resign from office, which explains his penchant for all this daring President to resign.

He actually has no political career after his term in office expires in less than two years.

It is known in the Senate that Trillanes uses his office to ask for retainers and that this has become a lucrative business for him.

This I can say:

If Trillanes can prove his allegation that I have amassed 2 billion pesos illegally or if that bank account under my name has a total deposit at one time of even just half a billion, I will resign as President immediately.

This is actually an old and rehashed issue. I have answered this allegation before I became President.

The people have already spoken. They have placed me in the office with 16 million votes.

I would advise Trillanes to go to court and file the proper case against me and advise him further to stop opening his mouth when he has nothing to say anyway.

This is amusing how Trillanes came up with his accounting. He even included day-to-day banking transactions of my partner, Honeylet.

This just shows his ignorance with regards to the [unclear] banking business, the people who have personal businesses.

He must also have forgotten that my daughter Sara is a lawyer by profession and that she earns from this and that and she has clients who actually pay for her services and not from illegal retainers which Trillanes is so used to so doing.

Trillanes, alam mo, ‘yang si Honeylet started her donut business 18 years ago. She supplies meat sa five malls dito sa Davao, siya ‘yung nagsusupply ng karne ng baboy.

Diyan kalaki ang pera ng babaeng ‘yan. Matiyaga. Hindi kagaya mo, ambisyoso.

May mutiny-mutiny ka pa, wala ka naman palang b**** tapos taas kaagad ang kamay pagdating ng pulis. Nakakahiya ka sa totoo lang.

Ngayon, kung pamilya mo gutom noon o ngayon, huwag mo kaming isali. Hindi kami kasing malas sa pamilya mo.

Hindi kami mahirap rin. Tatay ko governor noon, may iniwan sa amin.

Ikaw? Anong naiwan sa iyo? Hangin pati yabang.

Tulisan ka, sa totoo lang."