Cooperation Agreement between China National Machinery and Equipment Corporation (Group) and North Rail for Section 2 Phase 1 of the Northrail Project During their visit, eight important bilateral agreements were signed, in effect: contract agreement between the North Luzon Railways Corporation and the China National Machinery Industry Corporation for the Northrail Phase 1 project, Section 2. Signing in Manila on 15 April 2007 (initially signed in Beijing on 15 November 2006) Agreement between the Republic of the Philippines and the People`s Republic of China on investment promotion and mutual protection. Signing in Manila, July 20, 1992. Joint declaration of intent between the Government of the Republic of the Philippines and the Government of the People`s Republic of China regarding the programme to implement the implementation of the Framework Agreement on Global Economic Cooperation between the Association of Southeast Asian Nations and the People`s Republic of China. Signing in Manila, April 27, 2005. Agreement between the Ministry of Finance and the China National Construction and Agricultural Machinery Import and Export Corporation through a $100 million credit facility to finance agricultural development projects in the Philippines. Signed on December 20, 2000. Memorandum of Understanding between the Chinese Filipino Business Club, Inc. and the All-China Industry Federation Since 1975, diplomatic relations between China and the Philippines have been constantly evolving. Over the years, several bilateral agreements have been signed to strengthen cooperation and strengthen mutual trust.
In 2018, bilateral trade between the two nations amounted to $55 billion. The volume of bilateral trade amounted to $30.62 billion in 2007. From January to October 2008, bilateral trade reached $25.3 billion, an increase of 1.4% over the same period last year. At the end of September 2008, the actual value of accumulator investments from the Philippines to China was $2.5 billion. China`s transformation into a major economic power in the 21st century has led to an increase in foreign investment in the bamboo network, a network of Overseas Chinese companies operating in Southeast Asian markets and sharing family and cultural ties.   Agreement between the Government of the Philippines and the Government of the People`s Republic of China on promoting trade and investment cooperation. Signing in Manila, April 27, 2005. Relations between the Philippines and China have suffered from the escalation of the conflict in the South China Sea. The Philippine president`s current policy is aimed at improving relations between the Philippines and China at the expense of Philippine relations with the United States, while the Chinese president`s current policy is aimed at strengthening influence over the Philippines and the region in general, while American influence is being fought.  The two ministers agreed to institutionalize the coordination of their respective drug protection agencies to stop cross-border trafficking in narcotics and other illicit drugs and departure chemicals.