By Junex Doronio
MANILA — Claiming that their modern jeepneys are cheaper compared to those that are China-made, E-Francisco Motors Corporation on Friday revealed that they are trying to convince Maharlika Investment Corp. (MIC) to invest $200 million or roughly P11 billion into their company to speed up the completion of the PUV Modernization Program.
Chief Executive Officer (CEO) Elmer Francisco bared that he met with Maharlika officials for the second time Thursday (January 11) in a bid to secure funding from the MIC, management of the country’s first sovereign wealth fund.
“Ang proposal natin, if they can infuse an investment of $200 million… That’s about P11 billion,” Francisco said.
He added that an investment from MIC would allow them to produce more electric jeepneys, speeding up the completion of the PUV modernization program.
“Ang mangyayari diyan makakababa kasi yan ng cost kasi unlike sa DOTr [Department of Transportation] na subsidy, it’s a dole out. Pero yung sa Maharlika is a fixed investment and it would expect a return and that will benefit the Filipinos,” Francisco explained.
He said their company has been producing jeepneys for 77 years and before the creation of MIC, they had already reached out to the Philippine Board of Investments (BOI), an attached agency of the Department of Trade and Industry (DTI), to seek funding but they were only “ignored.”
Francisco proudly claimed that E-Francisco Motors is selling their modern jeepneys for P985,000 “unlike the P3 million sold by China.”
(ai/MNNM)
