Mitsubishi Motors Philippines Corp. will soon increase the prices of its vehicles, including those of Fuso trucks.
The price hike is to due to the weakening of the Philippine peso against the US dollar in recent months. The value of the Philippine currency continues to fall, now hovering near 50 a dollar.
MMPC officials said while Mitsubishi would like to maintain the prices of its vehicles, it was compelled to adjust the prices because the strong dollar significantly raised the importation costs of vehicles.
Mitsubishi imports Mirage, Mirage G4, Montero Sport and Strada from Thailand and Pajero, Lancer Ex, ASX and the Fuso trucks and buses from Japan.
MMPC said the price hike would range from 3 percent to 5 percent or around P10,000 to P20,000 per unit.
New buyers are advised to take advantage of the current prices and the on-going promotions before the foreseen price hike.
Mitsubishi sold 50,246 vehicles in the first 10 months, or 17.18 percent higher than 44,800 units sold in the same period last year.