Mitsubishi PH raising vehicle prices due to weaker peso

Buy one before price hike takes effect
by Drei Laurel | Dec 6, 2016


Bad news: Mitsubishi Motors Philippines (MMPC) has just announced that it will be raising the prices on several vehicle models due to the weakening of the Philippine peso against the US dollar over the past few months. Yikes.

Specifically, the company says that the price hike can be attributed to a significant rise in importation costs because of the severe foreign exchange environment. As of now, one US dollar is equivalent to P49.60.

Currently, MMPC imports the Mirage, Mirage G4, Montero Sport and Strada from Thailand, and the Pajero, Lancer, and Fuso bus and truck models from Japan. The increase in price will range from 3% to 5% or around P10,000 to P20,000 per vehicle.

The price hike isn't in effect yet, so those looking to drive home a brand-new Mitsubishi vehicle best do so as soon as possible. This hiccup is only the latest headache for prospective car owners. Last month, finance secretary Carlos Dominguez said that plans to raise taxes on new cars could be implemented as soon as 2018. Let's hope the peso bounces back before this happens.

 

Also Read

WE RECOMMEND
MORE FROM THE SUMMIT MEDIA NETWORK
SPONSORED CONTENT
PHOTO: Mitsubishi Motors Philippines
  • Quiz Results

  • TGP Rating
    --/20
    Engine
    --
    Power
    --
    Torque
    --
    Transmission
    --
    Fuel
    --
    1.8 E CVT
    Starts at P1,110,000
    TGP Rating:
    --/20
    Pros
    Light on amenities, Honda kept styling it long after it was done.
    Cons
    Light on amenities, Honda kept styling it long after it was done.
    Verdict
    Honda’s winningest combination comes when you opt for a six-speed manual transmission available in the Civic hatchback Sport, in which …
    Learn More
  • TGP Rating:
    /20

    Starts at ₱

    TGP Rating:
    /20
    Starts at ₱