Elmer Francisco, heir to the Francisco Motors legacy that built a generation of jeepneys, has a lot to say about the public utility vehicle (PUV) modernization program – and not all of them are good.

One glaring problem, Francisco told Rappler, is the government’s lack of planning and funding. Under the ambitious program to upgrade PUVs nationwide, the Department of Transportation (DOTr) wants operators to eventually buy fleets of modern jeepneys, the average price of which soars up to P2.48 million, to be offset only by a government subsidy of P280,000.

“It’s like a cartel. Parang sila-sila nag-uusap ‘yung mga foreign manufacturers na dapat ganito presyo natin (It’s like those foreign manufacturers talking among themselves and agreeing on a price),” Francisco told Rappler.

“Kung papansinin mo, ‘yung presyo nila halos pare-pareho (If you notice, their prices are almost all the same). That’s impossible,” he added. “Within their own costing, it shouldn’t be that high.”

But Francisco Motors plans to challenge the notion of modern jeepneys being pricey by selling electric jeepneys for just P985,000 a unit. And the Maharlika Investment Corporation is listening.

In an interview, Francisco told Rappler that he had been in talks with Maharlika Investment Corporation (MIC) president and chief executive officer Joel Consing and Camarines Norte Governor Dong Padilla.

“Just recently, last week, nag-meeting kami (we had a meeting). I presented the plan together with Governor Dong Padilla,” the Francisco Motors chairman and chief executive officer said on Monday, January 8.

The MIC, with its approved capitalization scheme of P125 billion, is currently on the lookout for high-impact projects that contribute to nation-building. Infrastructure, power, and transportation are among the priority investment sectors identified.