MANILA, June 10 -- Philippine President Benigno Aquino III reiterated on Tuesday that the territorial dispute between the Philippines and China is not the totality of the relationship between the two countries.

Addressing the Federation of Filipino-Chinese Chamber of Commerce and Industries Inc.'s joint celebration of the 116th Philippine Independence Day and 13th Filipino-Chinese Friendship Day held at the Manila Hotel, the president acknowledged the statement by Chinese Ambassador to the Philippines Zhao Jianhua, who said that tensions between the two countries are just " temporary difficulties."

"Compared with our thousand-year-old friendship and extensive cooperation, the difficulties we are facing on South China Sea issue are temporary," Zhao said.

Zhao believes that the dispute will eventually be resolved through negotiations and that the long-standing friendship between China and the Philippines would prevail.

He also stressed the importance of maintaining peace and stability in the region for the development of the region.

Aquino said, "In my visit to the People's Republic of China -- the state visit of 2011 -- perhaps one of the most encouraging things that we heard from them was that the disputes that we do have in the sea...should not be the sum total of our relationships. "

"Our relationships are based on so many more things, not just on this dispute, and that peace and stability are necessary components for our own -- for everybody's progress," he said.

The president during the event thanked the FFCCCII for their continuing support and programs that help promote welfare of the Filipinos.