HONG KONG -- Hong Kong Chief Executive CY Leung said on Tuesday that the Hong Kong government would never gave up the option of economic sanctions, if necessary, on the Philippines for a hostage tragedy three years ago.

Leung said the Hong Kong Special Administrative Region (SAR) government clearly knew four demands that victims' families and the injured had claimed, ?he and the government would spare no efforts to continue pressing on Manila to satisfy these demands comprehensively.

"It is not an easy task since the tragedy happened three years ago. We have tried our best to negotiate with the Philippine government and achieved preliminary effects after my meeting with Philippine president (Benigno Simeon Cojuangco Aquino III) in Indonesia," said Leung.

The chief executive also said that the SAR government will report to the victims' families and the injured as soon as there is any periodic progress of the negotiation and make it public if necessary.

A dismissed local police officer, Rolando Mendoza, hijacked a tourist bus carrying 25 people in Manila on August 23, 2010. Mendoza and eight Hong Kong tourists were killed, and seven injured during the tragedy.

The Philippine president has consistently refused to make an open apology, saying it is against the Philippine culture to apologize for mistake of individuals.