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The Chinese diplomat said the lifting of sanctions is conducive to the peace and development in the region.

The two countries have achieved historic growth in the bilateral ties, which not only brought tangible benefits to both countries and peoples, but also served as an example of friendly relations between developing countries, Xi said.

"The relations now between China and the Philippines in the economic and financial fields are really warm. It's something we are looking forward to. Many infrastructure projects are being implemented and I believe there will be more cooperation in the future," Beltran said.

According to the document, China and the Philippines welcomed the signing of the MoU on Cooperation on Oil and Gas Development between the two governments, and agreed to discuss maritime cooperation including maritime oil and gas exploration, sustainable use of mineral, energy and other marine resources.

The two sides also exchanged views on international and regional issues of common concern.