Canadian investment firm Brookfield Corp. is seeking to expand its footprint in the Philippines through the renewable energy sector, according to the country's Department of Finance.

The move followed a recent meeting between Finance Secretary Frederick D. Go and Stefano Ghezzi, managing director at Brookfield Energy, during which the executive expressed strong interest in investing in the Philippines.

"We welcome Brookfield's interest and confidence in expanding its investments in the Philippines, particularly in renewable energy," Mr. Go said in a statement. "These investments can help strengthen our energy capacity, support a more reliable and affordable power supply, and create more opportunities for economic growth and job generation," he added.

Mr. Ghezzi cited the Philippines' growing commitment to renewable energy development, along with reforms designed to bolster the country's attractiveness to investors. Among the policy changes that have drawn foreign interest, Manila in 2022 moved to allow full foreign ownership of renewable energy projects — previously capped at 40% — as it seeks to accelerate clean power buildout.

The push into renewables comes as the Philippine power industry remains exposed to supply disruptions tied to its heavy reliance on imported fuel. Fighting in the Middle East has underscored this vulnerability, with the Philippines importing more than 90% of its oil requirements from the region.

Renewable energy currently accounts for roughly 25% of the country's electricity mix. The government aims to lift the renewable share to 35% by 2030 and 50% by 2040. The distance between today's mix and those targets points to a substantial buildout of new clean-power capacity in the years ahead, the kind of expansion the 2022 ownership reform was designed to speed up.

Brookfield entered the Philippine market in 2025 following its acquisition of Singapore-based Alba Renewables, which operates in the country as Alba Renewables Philippines Corp. Alba controls a development pipeline of approximately 1.8 gigawatts of wind, solar, and battery storage projects, located mainly in the Philippines and Thailand. Development pipelines, unlike operating assets, count projects still moving through planning, permitting, and construction stages.

Brookfield, a Toronto-headquartered alternative asset manager with a large global renewable energy portfolio, also has a presence in the Philippine business process outsourcing industry through its US-based unit Everise, which employs 7,000 people in the country. For now, the outreach reflects signaled interest rather than committed capital: no specific projects, investment figures, or timelines accompanied the announcement, leaving the concrete scope of Brookfield's planned Philippine expansion to be defined. — Beatriz Marie D. Cruz / BusinessWorld