The signing was witnessed by China’s President Xi Jinping and Philippine President Rodrigo Duterte, who is on a state visit to China from October 18-21.
Earlier during their talks, the two leaders agreed to settle disputes appropriately and improve bilateral ties.
President Xi said addressing the disputes in the East Sea through talks and consultations laid down an important foundation for the stronger and durable China-Philippines relations.
He said China supports the Philippines administration’s endeavours to combat drug crimes, terrorists and criminals and will work with the Philippines in the fields.
China is President Duterte’s first foreign visit outside ASEAN since he was elected as President in June and the first visit of a Filipino President since 2011.
At least 200 leading businessmen in the Philippines accompanied President Duterte in the visit.
After China, Duterte will visit Japan in three days beginning from October 25.