Elmer Francisco is eyeing for a cryptocurrency-based fare payment system for jeepneys in the Philippines.
Elmer Francisco is a candidate running under the political party Partido Federal ng Pilipinas (Federal Party of the Philippines) for the Senate election in the Philippines in May 2019.
According to a profile posted on his website, Francisco is also the founder and chairman of the jeepney manufacturer Elmer Francisco Industries (EFI), and is also a businessman who had ventured into cryptocurrencies and financial technologies.
According to a 21 March 2019 report by the Philippine Daily Inquirer, Francisco’s EFI had recently entered into a partnership with Madison Holdings.
This partnership will see the Hong Kong-based fintech firm providing the Philippines-based jeepney manufacturer with a cryptocurrency-based fare payment system for jeepneys, as well as other financial and blockchain services.
Madison Holdings will also provide EFI with electric-powered jeepneys as part of the jeepney manufacturer’s program called Boundary Hulog.
Boundary Hulog is a program designed by EFI to help transport groups purchase new safe, efficient and environment-friendly jeepneys as part of the Philippine government’s public utility vehicle modernization program.
Aside from a cryptocurrency-based fare payment system for jeepneys, Francisco also has plans for a cryptocurrency that would be used by EFI.
In August 2018, it was announced that the EFI was preparing for an initial coin offering for their cryptocurrency called EFI Coin.
EFI Coins is said to be an Ethereum-based ERC-20 token that could be used by commuters and jeepney operators.
Commuters can use the EFI Coins to pay for fares while riding EFI’s modernized electric jeepneys called electric Francisco Passenger Jeepneys (eFPJ).
Jeepney operators could use EFI Coins to buy purchase eFPJs and its spareparts and accessories, and pay for the eFPJs’ charging and insurance premiums.
The EFI plans to partner with stores and merchants that would accept EFI Coins for their goods and services.
Francisco said that he turned to cryptocurrencies and blockchain technology because he sees these as the solution to the problem of jeepney operators now being able to afford the expensive jeepneys that would comply with the Philippine government’s public utility vehicle modernization program.