President Marcos has invited Singaporean businesses to consider the Philippines as an investment hub for renewable energy (RE) as he bared his administration's efforts to lower electricity rates in the country.

Marcos said this on the sidelines of the 10th Asia Summit Fireside Chat in Singapore on Thursday.

In a roundtable meeting, the President said foreign investors can now enjoy 100 percent equity in the exploration, development, and utilization of solar, wind, hydro, and ocean or tidal energy resources.

"The policy change comes as the Philippines seeks to attract foreign investments to boost the renewable energy sector and to meet our long-term climate targets," he said.

"With this development, I encourage our Singapore partners to consider the Philippines and take part in the country's goal of increasing renewable share in power generation and offering lower cost and cleaner energy to the general public," he added.

According to Marcos, Singapore ranked fifth among the top destinations for Philippine products.

Meanwhile, Marcos highlighted the government's 8-Point Socioeconomic Agenda aimed at reinforcing the economy's steady recovery and high growth trajectory and further promoting infrastructure, achieving energy security, creating jobs, and developing priority industries.

"The Philippines' start-up ecosystem also poses great potential with our young and competent talent who are – with strong government support and dedicated start-up community," he said.

"I invite you to look at the Philippines as your destination for your investment supporting a smart and innovative economy," he added.

Marcos is the first sitting president to address the Milken Institute's Asia Summit. He will be back in the Philippines by Sept. 17.