Cheaper iPhone coming soon?

Posted at 01/09/2013 11:53 AM | Updated as of 01/09/2013 7:17 PM

 MANILA, Philippines - Is Apple Inc. coming out with a cheaper iPhone?

A report from the Wall Street Journal quoted sources as saying Apple is working on a lower-end iPhone, in an attempt to regain market share.

The WSJ report said Apple could come out with a less expensive iPhone model later this year.  While it would be similar to the iPhone, the new model will have a cheaper body made of polycarbonate plastic. The current iPhone 5 has an aluminum case.

Apple's iPhone has come under pressure from rivals, especially Samsung Electronics. 

In 2012, Apple launched the iPhone 5, which was made available in the Philippines only in December. 

On the other hand, Samsung launched 37 phones in 2012, ranging from the high-end smartphones to cheaper phones.