We recently hinted on the pricing for the 2013 Mitsubishi Mirage which is said to start below PhP500,000. Mitsubishi Motors Philippines Corporation (MMPC) has truly made it so as they recently made the Philippine debut of the Mirage at the 4th Philippine International Motor Show.

The upcoming subcompact model from Mitsubishi will start at PhP498,000; making it very competitively priced against similar offerings from Chinese, Korean and Japanese competitors. The Mirage will be officially available in four variants: GLX M/T (PhP498,000), GLX A/T (PhP548,000), GLS M/T (Php588,000), and GLS Limited A/T (PhP638,000).

The new Mirage is powered by a newly developed 1.2-liter 3-cylinder MIVEC engine that produces 78 PS at 6,000 rpm and 100 Nm of torque at 4,000 rpm. The engine will be mated to either a 5-speed manual transmission or an INVECS-III CVT automatic transmission.

The base GLX variant will come equipped with power windows, power adjustable door mirrors, USB input, AUX input and CD capable radio with 4 speakers, driver’s side airbag, ABS with EBD, and even keyless entry. The top-spec GLS Limited will come with more features like a rear spoiler, 14-inch alloy wheels, an extra airbag for the front passenger, and additional color accents for both inside and outside, fog lamps, automatic climate control, smart keyless entry with engine start/stop button, Bluetooth, USB and AUX input, as well as a touchscreen DVD navigation system.

With the pricing, Mitsubishi is expected to rock the automotive market once again as it did with its top-selling Montero Sport SUV.

Update: Mitsubishi also announced at the motor show that it will be giving a Php40,000 discount for reservations made until October 31, 2012.