You are escaping the value correctly by using:
<%= bloglist[i].Text %>
If you want to allow HTML to be rendered, then you want an “unescaped” value. To do that use the following:
<%- bloglist[i].Text %>
All I did was replace the equal (=) with a dash (-).
Reference: https://github.com/visionmedia/ejs/tree/0.8.3#features