The Philippines is an important country along the way of “the 21st-Century Maritime Silk Road”. This paper summarizes the current situation of Sino-Philippine economic and trade cooperation through the analysis of China-Philippines trade in their total trade volume，product structure and investment situation. Meanwhile it discusses the change in the attitude of Duthel Te administration to “the Belt and Road” initiative and the reasons for such change. Focus has also been shifted to the high-level visits between China and the Philippine and their upcoming cooperation projects after their ice-breaking trip. At present，the Sino-Philippine economic and trade cooperation is still negatively influenced by the following factors including the South China Sea Arbitration Case，the bilateral trade imbalance，the competitiveness over complementarity in their trade structure，the Philippine domestic investment risk and its backward infrastructure that needs renewing. In the face of these challenges，China and the Philippines should strengthen cooperation and work together to promote their long-term and stable development.