Motor Image Pilipinas Inc. (MIPI), the exclusive distributor of Subaru vehicles in the Philippines, is set to increase the price of certain units due to dramatic lost of Philippine Peso against U.S. Dollar. MIPI said the price hike will take effect on January 1, 2017.
The price adjustment is due to the unstable status of the currency conversion rates caused by the weakening of Philippine Peso in the past few months. Thus, the cost of importing vehicles went notably higher than usual.
Moreover, the fluctuation in FOREX rates will sacrifice the cost of Subaru XV, Forester, and Levorg models by January 2017. The projected price increase is around P20,000 to P30,000.
As you can remember, Mitsubishi Motors Philippines Corporation (MMPC) has also announced to bring up prices of its imported vehicles. MMPC notes that the hike will range from 3% to 5%, or around P10,000 to P20,000. Among the units that will be affected are the Mirage, Mirage G4, Montero Sport, and Strada, which will be coming from Thailand.
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