Canadian investment firm Brookfield Corp. is making strides to expand its presence in the Philippines by focusing on renewable energy projects. This move comes amid rising concerns about the country's heavy dependence on imported fuels.
Renewable Energy's Role in Economic Growth
We welcome Brookfield’s interest and confidence in expanding its investments in the Philippines, particularly in renewable energy.
Frederick D. Go, Finance Secretary
- Philippines imports over 90% of its oil from the Middle East.
- Renewable energy currently makes up about 25% of the country's electricity mix.
During a recent meeting with Finance Secretary Frederick D. Go, Brookfield Energy Managing Director Stefano Ghezzi expressed a robust interest in the Philippines' renewable energy landscape.
Go noted that Brookfield's potential investments could enhance the country’s energy capacity, ensuring a more reliable and affordable power supply. This aligns with the government’s goal of increasing renewable energy's share to 35% by 2030 and 50% by 2040.
The urgency for investment in renewable resources has been intensified by geopolitical tensions, particularly the ongoing conflicts in the Middle East, which have highlighted vulnerabilities in the Philippine energy sector.
Brookfield's interest follows its entry into the Philippines in 2025 with the acquisition of Singapore-based Alba Renewables, which operates as Alba Renewables Philippines Corp. This subsidiary oversees a development pipeline of approximately 1.8 gigawatts spanning wind, solar, and battery storage projects.
In addition to its renewable ventures, Brookfield is also engaged in the business process outsourcing sector through its U.S. unit, Everise, which employs around 7,000 people in the Philippines.