The study was an attempt to find out the political, economic and cultural relations between the Islamic Republic of Iran and the Republic of the Philippines school year 1991-1992. It covered the embassy of the Islamic Republic of Iran and the Department of Foreign Affairs (DFA) of the Republic of the Philippines both located in Manila. The research methods used were descriptive, historical and documentary. Findings revealed that the present economic relationships between the two countries is greatly in favor of the Philippines because Iran has considered more concessions on oil imports for the Philippines and rescheduled payments for these importations. Iran has also shifted its banana importation from Africa to the Philippines. Market and trade between the two countries were seen to a significant level of development.