The Republic of the Philippines and the Principality of Monaco formally established their diplomatic relations in 2016. Currently, His Serene Highness Prince Albert II heads Monaco. Mr. Gilles Tonelli heads the Ministry of Foreign Affairs and Cooperation.

Prior to the formal establishment of relations, there have been visits between the two countries such as the visit of Philippine Senator Leticia Ramos-Shahani to Monaco, accompanied by then Philippine Ambassador to Paris, H.E. Rora Navarro-Tolentino on 14 June 1996, call on President Joseph Ejercito Estrada of H.S.H. Prince Albert of Monaco on 9 November 1999, and the call on President Gloria Macapagal-Arroyo of Princess Caroline of Monaco on 25 October 2004.

Her Excellency Ma. Theresa P. Lazaro was the Philippine Ambassador to Monaco, a designation she held from 08 July 2014 until November 2021.

Philippines and Monaco signed the Framework Agreement for Cooperation in 2016. The agreement is intended to be the basis of future cooperation in the following areas: economy, science, humanitarian response and disaster risk reduction, and environmental protection. The Agreement stated that the Parties would agree on the organization of periodic consultations to identify projects for cooperation.