Mitsubishi PH to raise auto prices by up to 5% due to weak peso

Mitsubishi Motors Philippines Corporation (MMPC) will increase prices of its imported vehicles, including Fuso trucks, as the Philippine Peso continues to weaken against the U.S. Dollar. MMPC said that the price hike may range from 3% to 5% or around P10,000 to P20,000.

In case you’re wondering, MMPC imports the Mirage, Mirage G4, Montero Sport, and Strada from Thailand. However, you do have to take note, that the Mirage and the Mirage G4 will soon be produced locally as part of MMPC’s participation in the Comprehensive Automotive Resurgence Strategy (CARS) program. On the other hand, the Pajero, Lancer EX, ASX, and Fuso trucks are imported from Japan.  

As much as MMPC would like to maintain the prices of its vehicles at their current prices, MMPC is constrained to adjust its prices since the severe Forex environment has raised significantly the importation costs,” MMPC said in a press release.

The company advised new vehicle buyers to take advantage of the current prices and the on-going promotions for Mitsubishi vehicles before the price hike happens. MMPC has yet to announce when will they implement the price increase.