The infrastructure cooperation plan is one of the bilateral agreements signed by Chinese leaders during their state visit to the Philippines this month.

The plan contains guidelines for infrastructure cooperation between Manila and Beijing over the next decade, a copy of which was released to the media on Wednesday, the report said.

According to the infrastructure cooperation plan, the Philippines and China will identify cooperation areas and projects based on strategic advantages, growth potential and driving effects, the report said.The key areas of cooperation are transportation, agriculture, irrigation, fishery and port, electric power, water resources management and information and communication technology.

It is reported that China and the Philippines will actively explore new financing methods, take advantage of the advantages of the two financial markets, and establish effective financing means for infrastructure cooperation through market-based financing methods.

The two countries also signed a memorandum of understanding on cooperation on the One Belt And One Road initiative, the report said.According to the mou, the areas of cooperation between the two countries are policy dialogue and communication, infrastructure development and connectivity, trade and investment, financial cooperation and social and cultural exchanges.