Wen said the joint exploitation was significant for enhancing mutual trust and cooperation between the three countries, Wen told Philippine President Gloria Arroyo on the sidelines of the commemorative summit marking the 15th anniversary of China-ASEAN Dialogue Relations. The three sides should continue to hold consultations over the joint exploitation for the next phase, he stressed.

Arroyo said her country was satisfied with the development in the three-nation joint exploitation and ready to continue the cooperation with China and Vietnam.

Territorial disputes emerged between China, the Philippines, Vietnam, Brunei and Malaysia on the South China Sea since the 1970s, where each country claimed part of the sovereignty.

In November 2002, China and the 10-member Association of Southeastern Asian Nation adopted a Declaration on the Conduct of Parties on the South China Sea, laying a political foundation for possible commercial cooperation in the future between China and ASEAN countries as well as the long-term peace and stability in the region.

In March 2005, three oil companies from China, the Philippines and Vietnam signed a landmark tripartite agreement in Manila to jointly prospect oil and gas resources in the South China Sea.

On bilateral ties between China and the Philippines, Wen said the relationship had never been better than today, with exchanges and cooperation booming in various sectors.

China and the Philippines have selected agriculture, infrastructure construction and mineral resources exploitation as the top priorities for bilateral cooperation. China hopes that all the cooperation agreements in these fields will be fully implemented at an early date, he added.

Arroyo said relations between the Philippines and China had entered a golden period with effective bilateral cooperation in areas like politics, economy and trade, and security.

She said the Philippine side was grateful for China's support and assistance to the Philippines' agriculture, railway construction and housing projects, and for its efforts to counter natural disasters.