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.