MANILA — E-Francisco Motors Corp., a local manufacturer of jeepneys, on Friday said they are in talks with Maharlika Investment Corp. (MIC) for a potential investment to speed up the completion of the PUV Modernization Program.

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CEO Elmer Francisco disclosed that he met with Maharlika officials for the second time Thursday in a bid to secure funding from the Maharlika Investment Corp.

"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 said.

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Francisco revealed the amount of investment they seek from the MIC.

"Ang proposal natin, if they can infuse an investment of $200 million... That's about P11 billion," he said.

He added that an investment from Maharlika would allow them to produce more electric jeepneys, speeding up the completion of the PUV modernization program.

"It will make it faster. Mas bibilis yung production, mas mabilis mako-complete yung PUV modernization program with the investment of government... Sabi ko nga we can do it with or without them, but without them it will be slower," he said.

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"If you partner with government, all regulatory hurdles will be streamlined kasi kasama mo sila sa project," he added.

Francisco, whose company has been producing jeepneys for 77 years, said that prior to 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 funds but claimed that they were "ignored."

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E-Francisco Motors is selling their modern jeepneys for P985,000 "unlike the P3 million sold by China," Francisco said.