MANILA, Feb. 14 (Xinhua) -- Philippine Foreign Secretary Alan Peter Cayetano praised on Wednesday the the second meeting of the China-Philippines Bilateral Consultation Mechanism (BCM) on the South China Sea.

The second BCM meeting was held here on Tuesday, with the Chinese delegation led by Chinese Vice Foreign Minister Kong Xuanyou and the Philippine delegation headed by Philippine Foreign Undersecretary Enrique Manalo.

Cayetano said, "(BCM) shows the world how disputes can be handled in a peaceful manner, and how cooperation and collaboration can benefit the two countries' peoples despite a complicated and difficult dispute."

A statement issued after the one-day meeting said, "With the objective of maintaining and promoting peace and stability in the region, both sides discussed ways to manage and prevent incidents at sea, promote dialogue and cooperation on maritime issues, and enhance mutual trust and confidence."

It added that they had a positive, fruitful and productive meeting and both sides highlighted the importance of the BCM as a consultation mechanism that would continue to contribute to the stable growth of bilateral relations.

Echoing the statement, Cayetano said the bilateral consultation will further "strengthen the momentum of cooperation in matters of common interest ... as well the possibility of joint exploration."

He noted that the overall situation in the South China Sea "has become more stable than in past years."

The Philippine foreign secretary also said the "warm and friendly relations" between the Philippines and China also resulted in tremendous economic benefits for the country, contributing to the economic development in the Philippines.