Today, a dealer circular turned viral because in it, Honda Cars Philippines announced an impending price increase across its entire product line-up this coming July 2019. You can check a copy of the circular below for yourself, but here’s what it has to say:

Dear Valued Customer, 

A good day to all of you! 

First of all, please allow us to express our sincerest appreciation and gratitude for your loyalty to the Honda brand. Your satisfaction is our topmost priority. Hence, we continue to strive further to provide you with excellent customer service and quality products. 

In recent months, our company has been facing challenges to due unfavorable foreign exchange rates that has affected our business. As a result, we would have to increase the prices of Honda vehicles starting July 01, 2019. Rest assured that Honda Cars Philippines, Inc. exerted all efforts to minimize the effect to you, our most esteemed customer. 

We hope for your kindest understanding and loyalty to Honda. We assure 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.

We reached out to Honda Cars Philippines to confirm the validity of this circular, and they have indeed confirmed that this is 100 percent genuine.

With that in mind, it now puts into question: how much of a price increase can we expect? According to Atty. Louie Soriano, HCPI Division Head for Sales and Spokesperson had this to say:

There would be an approximately 1 percent price increase across the entire Honda model lineup, except for Honda Odyssey. We will announce by July 1, 2019 the new Suggested Retail Prices (SRP). This is due to the increase in parts and importation cost brought about by unfavorable foreign exchange rates. We seek for your utmost understanding and cooperation regarding this matter.

Doing the math, the City may go up anywhere between P 8,280 to P 10,590; the Civic, P 11,150 to 16,080; the BR-V, P 10,300 to P 11,490; HR-V, P 12,950 to P 14,950; and the CR-V, P 16,580 to P 21,250.

Considering that a vast majority of buyers opt for financing, this increase is not going to affect the monthly amortization so much. Still, if you are looking for a good bargain, how would be a good time to buy a brand-new Honda.