Phoenix Petroleum Philippines Inc. listed P3.1 billion worth of Series D commercial paper on Philippine Dealing & Exchange Corp. to fund the importation of petroleum products.
Phoenix said in a statement with a 5-percent discount rate per annum and tenor of 332 days, the proceeds of the commercial paper issuance would fund the procurement of imported fuels and lubricants.
Phoenix president and chief operating officer Henry Albert Fadullon said the company was able to successfully return to PDEx and raise financing even against the backdrop of bounding uncertainties in the market.
“We believe that with the support of the finance and investment communities, Phoenix, along with the rest of the local businesses, will be able to help our country recover and get stronger coming out from this crisis,” said Fadullon.
