Mr O’Neill made these remarks while farewelling outgoing Philippines Ambassador, Bienvenido Tejano, in Port Moresby earlier this week.
The Prime Minister said the number of tourist arrivals in the country from the Philippines has quadrupled in the last decade from 42,000 in 1995 to 182,000 in 2014, with the number continuing to grow.
Under the agreement, flights by Air Niugini between Port Moresby and Manila have increased to three each week-one from Port Moresby to Cebu, and two weekly flights by Philippines Airlines (PAL).
The Prime Minister said trade between the two countries continues to expand and he will discuss further opportunities with Philippines President, Rodrigo Duterte, when they meet in November.
"I look forward to my first meeting with President Duterte at the APEC Summit in Peru later this year.
"We have a number of issues to consider including increasing exports to the Philippines from Papua New Guinea.
"There is opportunity to strengthen cooperation with the Philippines in the agricultural and fisheries export sectors."
Mr O’Neill asked Ambassador Tejano to extend PNG’s warmest regards to President Duterte and thanked the Ambassador for his service to strengthen the bilateral relationship.
"Ambassador Tejano has worked tirelessly to increase trade, investment and social engagement between our two countries, and we thank him for his service and wish him and his family every success in the future."
In 2014, Papua New Guinea exports to the Philippines were K970.4 million, and imports were K59.4 million.
Both countries have enjoyed strong diplomatic relations since 1976 and have signed a number of agreements and treaties that have benefited both countries.