MANILA — Japan's Toyota Motor Corp. has committed to provide a P1.1 billion investment to the Philippines' public utility vehicle (PUV) modernization program, Malacañang said Friday.

According to the Palace, Toyoya made the pledge during the 50th Commemorative ASEAN-Japan Friendship and Cooperation Summit in Tokyo a few weeks ago.

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“We have completed investment of P1.3 billion out of P4.4 billion. We are committing an additional P1.1 billion for... a modern jeepney, bringing the total investment to P5.5 billion,” Toyota Executive Vice President Yoichi Miyazaki told President Ferdinand Marcos, Jr. at the sidelines of the summit.

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Yoichi also reported to Marcos updates on their preparation for “the new Tamaraw.”

“The Tamaraw symbolizes our desire to contribute to the Philippine economy where we develop it to be a game changer in the field of mobility service... We look forward to your continued support in creating the adoption of the program,” the Japanese investor said.

Many of the jeepney drivers affected by the modernization program said they could not afford the price tag of the new model of jeepney required by the government.

Some drivers and operators have argued that upgrading existing jeepneys will be a less expensive way to make them more fuel efficient and environment friendly.

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The initial phase of the PUV modernization program requires jeepney operators to consolidate individual franchises into a single franchise under a cooperative or corporation by December 31, 2023. Failure to do so could revoke their permits to operate, authorities earlier said.

Critics have also said that the modernization program will deprive single-unit operators of route franchises that will then go to big corporations and to transport cooperatives.

But the transport department said forming a cooperative would allow operators easier access to funds, especially when applying for loans for the modern jeepneys.