EFI Tokenization of the full electric Francisco Passenger Jeepney
EFI Token is gearing up to be the first Philippine Securities and Exchange Commission (SEC) registered transport-related cryptocurrency to do an Initial Coin Offering (ICO). This will be a Filipino pride!
Elmer Francisco Industries (EFI), a subsidiary of 1111 Empire, Inc., is behind the full electric Francisco Passenger Jeepney powered by QEV Technologies that was launched at the Quirino Grand Stand in Luneta Park, City of Manila last April 15, 2018.
The historic launching was attended by officials from the Department of Transportation (DOTr) represented by Assistant Secretary Mark Richmund de Leon, Land Transportation Franchising Regulatory Board (LTFRB) Board Member Atty. Aileen Lizada, Landbank of the Philippines Director and Partido Federal ng Pilipinas National President Atty. Jesus “Jayvee” Hinlo, Alay Buhay Congressman Michael Fermin, Inventors Association of the Philippines President Dennis Mercader, National Parks Development Committee Executive Director Penelope Belmonte, Italian Chamber of Commerce Executive Director Lorens Ziller, SM Senior Vice-President Liza Silerio, iPay Commerce Ventures Director Paolo Martel, iPay Commerce Ventures President Ronald Allan Aquino, Transport Group Leaders and members of the media.
Francisco is among the pioneers in the Jeepney making industry in the Philippines since 1947. The PUV Modernization Program aims to replace the old jeepneys that are 15 years old and above with modernized jeepneys that are safer, more convenient for the commuting public and environment friendly.
Among the new features are:
- Automated Fare Collection System wherein passengers will be paying using NFC Cards or QR Codes instead of loose change which would be computed using GPS technology making the whole process much more convenient.
- Built-in ramp and dedicated slot for PWD/Wheelchair Passengers.
- Passengers can stand straight inside the jeepney while going in and out of their seats.
- High Definition TV with GMA Digital Device so passengers could watch live television of board.
- 3-channel Dash Cam with backing video and 4-Channel CCTV System with 72-hour recording.
- Full electric powertrain with NO EMISSION and only 15-20mins charging time.
These state-of-the-art features do not come without a high price tag. Small jeepney operators had been protesting because they cannot afford the modernized jeepneys while the government subsidy is only Php80,000 which is only accessible through government banks, namely: Landbank and DBP.
Both Private and Government banks also have stringent requirements that most small operators cannot comply with which prompted the government to force them to consolidate into cooperatives or corporations.
“Ako po mismo ay nahihiyang magbigay ng presyo sa inyo dahil ako po mismo ay namamahalan sa sarili kong jeepney maski kami po ang pinakamura sa merkado ngayon. Gagawa po tayo ng paraan upang hindi mawalan ng kabuhayan ang maliliit na mga operators,” said Francisco in a transport group forum.
Being an entrepreneur by nature and with a heart for the Filipino masses, Francisco saw a solution to this problem in cryptocurrencies and blockchain technology. Through ICO, funds will be raised to build thousands of full electric Francisco Jeepneys to serve the commuting public and drastically reduce our carbon footprints.
With this, the means of livelihood of the small operators would not be negatively affected; moreover, they could even earn more because the full electric Francisco Passenger Jeepneys are 95% less maintenance than their old jeepneys, and not to mention, no more fuel expenses.
Cryptocurrencies like Bitcoin and Ethereum are fast gaining popularity worldwide wherein we see and hear ICOs or Initial Coin Offerings from left and right. Now, there are more or less 4,000 cryptocurrencies or alternative coins (altcoins) worldwide. Unfortunately, some of those who are doing ICOs are scams. Scammers propagate when there is no regulation.
In this view, Francisco, in coordination with the Securities and Exchange Commission Director for Markets and Securities Regulation Vicente Graciano “Meonee” Felizmenio, Jr., after several consultations with several other regulators such as Philippine Economic Zone Authority (PEZA) through Director General B/Gen. Charito Plaza and Cagayan Economic Zone Authority (CEZA) through Secretary Raul Lambino, aims to create the first legally registered Filipino cryptocurrency in EFI Coin.
The Securities and Exchange Commission has released to the public a Draft Rules for ICOs last August 2, 2018 subject to comments and suggestions from stakeholders. These rules will be strictly implemented by September or October this year of which EFI will subsequently make the Coin available to the public through an Initial Coin Offering or ICO.
Among the uses of EFI Tokens are:
- To pay for fares while riding the modernized Jeepneys;
- To pay for the fast charging of the Jeepneys;
- To buy spareparts and accessories for the Jeepneys;
- To pay for insurance premiums of Jeepneys;
- To buy Jeepneys;
- To buy items from partner stores or merchants to be announced further.
EFI Tokens are ERC20 Protocol instruments on the Ethereum Blockchain Platform wherein the public can invest in EFI Coins that could appreciate in value due to the efforts of the company through its operations, aside of course from the concepts of supply and demand. EFI Coins are also very liquid because an investor may peer to peer trade them in cryptocurrency exchanges.
EFI will soon publish it’s White Paper in accordance with the Rules of the Securities and Exchange Commission in preparation for its ICO.
“A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
Cryptocurrency is a kind of digital currency, virtual currency or alternative currency. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since then, over 4,000 altcoin (alternative coin) variants of bitcoin have been created.”