President Rodrigo Duterte urged on Friday Russian businessmen to invest in the Philippines.

"We invite our Russian friends to invest and do more business in the Philippines," Duterte said in a speech during the Philippine-Russia Business Forum in Moscow.

He said the Philippines offers fiscal and non-fiscal incentives, such as tax holidays, for investors.

Duterte noted that one of the economic strengths of the Philippines is its young workforce.

"I'm confident our economic ties will continue to prosper to its full potential," he added.

Some 10 business agreements were signed between the Philippines and Russia, such as in the field of energy. Celerina Monte/DMS,