Dennis A. Uy-led Phoenix Petroleum Philippines, Inc. approved on Wednesday the settlement of P3 billion in outstanding commercial papers issued last year, the firm told the local bourse.

Series C of the firm’s commercial paper program had a tenor of 360 days from its issue date of Dec. 5, 2019. Phoenix Petroleum issued P3 billion in commercial papers at a discount to a face value of 4.6657% per annum.

The firm earlier said it aimed to raise P2.82 billion from the offer to “refinance existing short-term loans in the regulation (and) importation of fuels and lubricants.”

Phoenix Petroleum made the disclosure to comply with the Securities and Exchange Commission’s revised disclosure rules and the Securities Regulation Code.

The company reported a net income of P296 million in the third quarter, reversing its P5-million loss in the second quarter. Overall volume sales climbed by 42% from July to September with the recovery of its local business and relaxed quarantine measures.

Phoenix Petroleum’s shares inched up by 0.47% to close at P12.80 apiece on Wednesday. — Angelica Y. Yang