Dennis A. Uy-led Phoenix Petroleum Philippines, Inc. on Wednesday agreed to settle P3 billion in outstanding commercial papers released last year the company told the local stock exchange.

Series C of the commercial paper program of the company had a period of 360 days from the date of issue of Dec. 5, 2019. Phoenix Petroleum released P3 billion in commercial papers at a nominal discount of 4.6657 per cent per year.

The company reported earlier that it was aiming to collect P2.82 billion from the offer to “refinance existing short-term loans in the Regulation (and) import of fuels and lubricants.”

Phoenix Petroleum made the disclosure in order to comply with the new disclosure requirements of the Securities and Exchange Commission and the Securities Regulation Code.

The company posted a net income of P296 million in the third quarter, reversing its P5 million loss in the second quarter. Total sales volume rose by 42 per cent from July to September with the revival of its local industry and relaxed quarantine measures.

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