Foreign investors interested in entering the Philippines' renewable energy sector will be required to secure 167 signatures before they commence operations.

While this may seem like a daunting number to many, an industry stakeholder pointed out that this requirement has already been reduced from the previous 250 signatures.

During the Senate deliberations on Charter change on Monday, Feb. 12, Eduardo V. Francisco, BDO Capital & Investment Corp. president, said the 167 signatures are needed for the approval of a single renewable energy project.

Francisco revealed that despite the Philippines having the Renewable Energy Act, trade liberalizations, and tax benefits, the approval process in the country is quite long, typically taking around five years.

“Even if we're all in one, we want to have more energy that is cheaper, what's preventing the investors from actually getting the project is all the bureaucracy,” Francisco said.

“It's actually gone down [the required number of signatures], a few years back it was 250, but unfortunately, 167 is really crazy,” he added. “That's really the real bottleneck.”

During President Marcos' second State of the Nation Address (SONA) last year, the chief executive said the government has adopted a more aggressive stance to boost renewable energy in the country.

“There are many people who want to invest—locally and foreign, even the large local conglomerates—but this [bureaucracy] is what they have to deal with,” Francisco said.

He noted that while any changes in the Constitution aimed at enhancing the investment climate in the country are welcomed, it is equally important to address the "low-hanging fruits" that can be easily changed, particularly within the bureaucracy.

“If your honors can do something there, that really helps spur more investment,” Francisco said.