If you’re in the market for a brand-new Honda vehicle, better lock in those reservations now. Honda Cars Philippines (HCPI) has confirmed that they’re set to increase their vehicle pricing across the board by July 1, 2018.

A letter sent to us reads:

Dear Valued Customer

A good day to all of you!

First, kindly allow us to express our sincerest appreciation and gratitude for your continued loyalty to the Honda brand. Your satisfaction is valuable to us, and we continue to strive to provide you with excellent customer service and quality products.

As you may know, in recent months, our economy has been facing challenges due to external factors on a global scale. This has affected businesses including ours. In relation to this, we would have to increase the prices of our Honda Vehicles starting July 1, 2018. Rest assured that Honda exerted all efforts to absorb these costs to minimize the effect to you, our most esteemed customer. We hope for your kindest understanding and loyalty to Honda. We assure you that we shall continue to provide vehicles with the highest quality for your utmost satisfaction.

Thank you very much and please enjoy your new Honda Vehicle.

Sincerely,

(Signed)

Noriyuki Takakura
President and General Manager
Honda Cars Philippines, Inc.

Clearly, HCPI isn’t pinning the blame on the excise tax. In the letter, the Japanese automaker is stating “external factors on a global scale” as the reason for their price increase. This is likely due to the weakening Philippine Peso which started the year at P 49.92 for every USD and is now hovering at P 52.50 for every USD—a drop of about 5 percent.

The reports are strong that other carmakers are going to do the same thing but kudos to Honda for being transparent about their decision.

Hat tip to Paolo Sy.