Philippine President Ferdinand Marcos said today that he had a "frank exchange of views" with President Reagan's special emissary, Sen. Paul Laxalt (R-Nev.).

Marcos made the statement when he emerged from a breakfast meeting with Laxalt at the presidential palace, the second in two days. Also present at the meeting was U.S. Ambassador Stephen Bosworth.

Laxalt, a close friend of Reagan, general chairman of the Republican Party and chairman of three Reagan presidential campaigns, was sent to see Marcos reportedly bearing a blunt message that his 20-year regime risked being overthrown unless he pursues meaningful economic and political reforms to combat a mounting Communist insurgency that could threaten the security of two key U.S. military bases here.

A statement issued by the palace quoted Marcos as saying that he and Laxalt "took up points where there may be some anticipated conflict in the national interest of both the Philippines and the United States" and that "both agreed that the Philippines will have to take care of its national interests."

"This is the first guideline in any foreign policy," Marcos said. He and Laxalt agreed that "this should be done without any intention of the United States to intervene in the internal affairs of the Philippine government."

The United States is pressing Marcos to dismantle economic monopolies run by close friends and to carry out military reforms to strengthen the armed forces.

Marcos said he also talked with Laxalt about subjects that he had discussed earlier with other visiting U.S. officials, including treaties between the two countries.

The Philippines and the United States are bound by a mutual defense treaty and an agreement covering the use of two installations in the country, the largest American bases outside the United States.

Laxalt, who left for Washington today, told reporters he would report to Reagan before commenting on the meetings.

The U.S. Embassy here said the meetings were "cordial and mutually beneficial."