Chinese President Xi Jinping will visit the Philippines later this year, Foreign Affairs Secretary Alan Peter Cayetano said on Wednesday.

In a press conference in Hong Kong, the Department of Foreign Affairs chief said Xi has accepted the long standing invitation that President Rodrigo Duterte made since their previous meetings.

"He (Xi) accepted subject to the time that is mutually convenient. So we are readying for the end of the year. But we don't have any final plans yet," he said.

He explained that when Xi visits the Philippines, it would not be just a meeting between Duterte and Xi.

There should be announcements and signing of agreements, he said.

Meanwhile, Presidential Spokesperson Harry Roque said during the bilateral meeting between Duterte and Xi at the sidelines of the Boao Forum for Asia in Hainan on Tuesday, China vowed 500 million renminbi or P3.8 billion economic assistance for the Philippines.

Duterte and Xi witnessed the signing of six agreements between the two countries following their bilateral meeting. Celerina Monte/DMS