Mitsubishi raising vehicle prices as peso weakens

MANILA, Philippines - Mitsubishi Motors Philippines Corp. (MMPC) will hike prices of its vehicles by three to five percent as the peso continues to weaken against the the US dollar.

The price increase may range from an additional P10,000 to P20,000, depending on the vehicle model, MMPC said yesterday.

 “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 of these vehicles,” the local unit of the Japanese automotive giant said.

“The price hike is attributed to the weakening Philippine peso against the US dollar in recent months,” it added.

MMPC imports the Mirage, Mirage G4, Montero Sport and Strada from Thailand, while the Pajero, Lancer EX, ASX and Fuso truck and bus models are imported from Japan.

 “New vehicle buyers are advised to take advantage of the current prices and the ongoing promotions for Mitsubishi vehicles before the foreseen price hike,” MMPC said.

The company said the price increase is bound to be implemented “soon,” without specifying the exact period.

MMPC is currently the second largest market player in the country with a 17.18 percent market share as of end-October.

The company sold 50,246 units during the 10-month period this year.

MMPC targets to end this year with a 13 percent to 15 percent sales growth of 62,000 units.