Although the main attention is on Sony's other console being delayed until November, the company also announced today that it is dropping the price and adding new peripherals for the PSP.
In a statement the company said that from 22 March the handheld console would cost £149.99 in the UK and $199 in America.
Sony has also said that it will also introduce Ceramic White for the base model of PSP (PSP-1000 CW) at a recommended retail price of 20,790 yen for the Japanese market.
Sony has also announced that it will be launching a new camera (PSP-300) and GPS receiver (PSP-290) this autumn.
The hope is that by adding the peripherals new features such as motion tracking technology of Eye Toy, developing the new game titles by utilising the video chat function, portable navigating system with GPS function will become available.
SCEI will also start a new download service offering selected popular PlayStation format titles from the past. By reviving software assets, users will be able to enjoy exiting PlayStation titles anytime, anywhere on PSP.
In addition to a new price and accessories, the company has said that it will also be adding a Macromedia Flash player and extend RSS Channel function which enable users to playback and save internet radio content and entertainment movies.