Meeting with the host of the summit, H.E. Benigno Aquino III, PM O'Neill thanked the President for hosting what he anticipated would be a successful APEC meeting with tangible benefits for the region.
"This is the fifth APEC Leaders' Meeting that I have attended with President Aquino and I look forward to his chairmanship in discussion of critical issues confronting our region," PM O'Neill said following their meeting.
"We are facing challenging times in the global economy, and this meeting of economic leaders contributes to an ongoing proactive engagement between leaders to mange the regional economy."
The Prime Minister said his discussion with President Aquino covered ongoing cooperation in the areas of fisheries and agriculture, and significant concern over climate change.
"President Aquino and I discussed the regional fisheries industry and the importance of sustainable fisheries," PM O'Neill said.
"The Philippines and Papua New Guinea appreciate the delicate nature of fish stocks and both countries are working to ensure our industries last for future generations.
"We also have a number of large Philippines companies already active in Papua New Guinea and employing thousands of our people.
"We invite them to further invest in our country as long term investments.
"With the ongoing expansion in processing facilities we looking to engage more closely with Philippines companies.
"As a Government we are actively encouraging the processing of our fish products in our country so that more revenue from fisheries stays on our shores."
PM O'Neill said he also discussed climate change with President Aquino in the lead-up to the Paris Climate Change Conference this month.
"President Aquino is clearly aware of the importance of gaining global action and securing legally binding international agreements on climate change.
"The Philippines has more than 36,000 kilometers of coastline and suffers from a disproportionate share of effects of climate change.
"The Philippines has seen devastating tropical storms that have destroyed communities to an extent never seen before.
"Like all island nations with exposed coastlines, the Philippines is on the front line against climate chance and the extreme weather it induces.
"We look to working together with the Philippines and other countries when we begin negotiations at the COP-21 UN Climate Change summit."
The Prime Minister invited President Aquino to visit Papua New Guinea before the end of his Presidential term in 2016