Bilateral trade volume in 2007 was US$30.62 billion. From January to October 2008, bilateral trade volume reached US$25.3 billion , an increase of 1.4% from a year ago. By the end of September 2008, the actually utilized value of accumulative investment from the Philippines to China reached US$2.5 billion.
In 1999, China's Ministry of Agriculture and the Department of Agriculture of the Philippines signed the Agreement on Strengthening Cooperation in Agriculture and Related Fields. In 2000, relevant government agencies signed an agreement whereby China offers the Philippines US$100 million credit facility. In March 2003, China's aid project the China-Philippines Agricultural Technology Center was completed. With its successful trial planting in the Philippines, China's fine hybrid rice and corn have been growing over large areas in the country. In 2004, both sides signed the Memorandum of Understanding on Fisheries Cooperation. In January 2007, Chinese and Philippine Ministries of Agriculture signed Memorandum of Understanding on Broadening and Deepening Agriculture and Fisheries Cooperation.
In August 2003, the two countries signed the Memorandum of Understanding on Cooperation in Constructing the Northern Luzon Railway Project. In April 2005, the two countries signed the Memorandum of Understanding on Cooperation in the field of Infrastructure between the Ministry of Commerce of the People's Republic of China and the Department of Trade and Industry of the Republic of the Philippines.