Singapore plans to increase its investments in the Philippines, particularly in the green economy, which includes renewable energy and carbon credits.

Singapore Prime Minister Lawrence Wong made the remark before the start of his bilateral meeting with President Ferdinand Marcos Jr in Malacanang on Wednesday.

"Singapore businesses are confident in the dynamism and the potential of the Philippines economy, and we are now one of the largest foreign investors in the Philippines," Wong said.

"We are keen to discuss how we can grow our collaboration in new and emerging areas, like the green economy and in sustainability," he added.

He said Singapore firms are interested in the country's solar and wind projects.

"Such projects can generate economic opportunities for the Philippines while supporting the Philippines' renewable energy targets. We also agreed to accelerate these efforts to achieve the ASEAN (Association of Southeast Asian Nations) power grid. This will improve energy resilience in the region and support ASEAN's green transition," Wong said in a joint press conference with Marcos. DMS