I had this same experience before with my Pajero 2.8 4m40.
The culprit was due to the air-conditioning flywheel(?) that was connected via a fan belt to the engine. Biglang bumaba ang menor then almost as instantly, the aircon ceased.
I thought that the belt snapped-off but then when I had an car aircon technician diagnose it, it was due to the defective flywheel sa aircon-it could not engage na daw when I turn the aircon switch on. At the time of the repair, we couldn't find an original Mitsubishi replacement so what the technician did was retrofit a similar flywheel assembly from a Toyota Hi-lux Surf which fixed the problem.
Until now I use the same wheel, mas tumagal pa hehehe.