President Barack Obama said the United States was not planning to rebuild old bases or construct new ones under a new security accord signed on Monday with the Philippines, part of a "pivot" of US resources towards fast-growing Asia and the Pacific.

The agreement, which will have an initial 10-year term, sets the framework for a beefed-up rotation of US troops, ships and warplanes through the Philippines.

China interprets the move as aimed at containing Beijing's growing military might.

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