The "work and holiday" visa for people aged 18 to 31 will allow them to work in the host country for a non-extendable period of 12 months, The Philippine Star newspaper reported.
Issuance of the new visa will start next year.
Applicants should have completed at least two years of undergraduate or post-secondary education, meet health and security requirements and have medical insurance for the duration of their stay.
Australia has similar arrangements with 26 countries, including the U.S., Indonesia, Singapore, Malaysia, Thailand, and Vietnam.