Philippine President Duterte has been active in responding to the "One Belt One Road" initiative since he came into power in June 2016. The Philippines joined the Asian Infrastructure Investment Bank (AIIB) as the 57th founding member. President Duterte attended the "Belt and Road Forum" held in May 2017. The two countries signed a number of cooperation agreements. This paper attempts to analyze the cooperation areas and the potential development space between the two countries under the framework of the "One Belt One Road," combined with the advantages of the Filipino-Chinese entrepreneurs. It is concluded that the Filipino-Chinese entrepreneurs will acquire more rare opportunities for development. On the other hand, under the One Belt One Road initiative, the Filipino-Chinese entrepreneurs will face more challenges because of the drastic competition with foreign entrepreneurs at home or abroad. Under the One Belt One Road initiative, the Filipino-Chinese entrepreneurs will have bright prospects, but should raise awareness of the crisis, and take actions to face the challenges.