Looks like the 4th Gen is coming...

Next-generation Mitsubishi Montero Sport confirmed for 2023 | Autodeal

While 2023 is still far away, this gives Nissan and Mitsubishi ample time to further develop and refine their future vehicles. With that said, might also see the next generation of the Terra and Montero Sport being built locally as well, as Gupta has previously announced that the two Japanese brands are looking to build both SUVs locally at the Sta Rosa plant.