This paper describes the Sino-Philippine trade in the long run from 1571 to 1940.Based on international trade theory，the reasons why the trade between China and Philippines faded are also discussed，through the analysis of bilateral trade goods and the transformation of overseas Chinese economic model in Philippines.As a result，the decrease of the Sino-Philippine trade was caused by the imbalance of the Sino-Philippine trade and the loss of comparative advantage of Chinese goods in Filipino external trade market.However，Chinese sojourners did not lose their economic power in Philippines，due to the prompt adjustment of their economic model；the overseas Chinese economy had penetrated into the interior Philippines.