Peters and Philippine Foreign Secretary Maria Theresa P. Lazaro formalised the partnership on the sidelines of the Association of Southeast Asian Nations (ASEAN) meeting in Manila on Tuesday.
"New Zealand and the Philippines are close friends and trusted partners on the world stage - and today we turn this friendship into concrete action," Peters said.
The partnership will deepen collaboration across four areas: political engagement; defence, security, and maritime co-operation; trade and economic ties; and people-to-people links, he said.
"The Philippines is a dynamic partner in Southeast Asia - a regional powerhouse of 113 million people, and one of the region's fastest-growing economies. This year, New Zealand and the Philippines are also celebrating 60 years of diplomatic relations - making this a timely moment to elevate our relationship," Peters said.
At the conclusion of their meeting, Peters and Lazaro released a joint statement and a Comprehensive Partnership Roadmap outlining priority areas.
New Zealand and the Philippines also signed two new co-operation arrangements to give effect to the Comprehensive Partnership on education and geothermal energy.
During his bilateral program in Manila, Peters is also meeting Philippines Defence Secretary Gilberto Teodoro and attending an event to promote New Zealand's growing education co-operation with the Philippines.
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