MANILA -- China and the Philippines have the ability and wisdom to manage their differences and enhance bilateral ties, Chinese Premier Li Keqiang said here on Wednesday.

Meeting with Philippine House Speaker Pantaleon Alvarez, Li noted that the long history of friendly exchange enjoyed by China and the Philippines was created by the two peoples together, and had laid the foundation for the rapid turnaround in bilateral ties despite their ups and downs.

Li said he believes that the two sides have the ability and wisdom to consolidate their friendship, seek common grounds and manage differences so as to open up brighter prospects for their long-term good neighborliness.

The Chinese and the Philippine economies are highly complementary, and their cooperation enjoys great potential, Li said.

Noting that the Philippines is vigorously pushing for infrastructure construction to improve people's livelihoods, Li said China is willing to give full play to its own advantages in production capacity and equipment manufacturing, and enhance cooperation with the Southeast Asian nation in these fields.

China is also willing to discuss financial cooperation in a bid to better realize mutual benefits and win-win cooperation.

Meanwhile, Li said he hopes that the Philippine House of Representatives could carry forward the China-Philippines friendship and strengthen parliamentary exchange with China so as to facilitate further development of bilateral ties and cooperation.

Noting that Li's visit to the Philippines is the first official visit by a Chinese premier in 10 years, Alvarez said the visit bears great significance to the development of bilateral relations and will further strengthen the two peoples' confidence in the prospect of bilateral ties.

The Philippines, he said, is willing to enhance cooperation with China in such fields as connectivity, finance, innovation and others.

Alvarez thanked China for its support for the Philippines' hosting of the East Asian leaders' meetings, saying he is pleased to see enhanced cooperation between China and the Association of Southeast Asian Nations (ASEAN).

The Philippines stands ready to play a positive role in boosting ASEAN-China relations, he added.

The Philippines holds ASEAN's rotating chair this year.

Li arrived in the Philippines on Sunday for an official visit to the country and a series of leaders' meetings on East Asian cooperation.