Petron (PSE:PCOR) raised 32 billion Philippine pesos through its latest issuance of fixed rate bonds, which were listed July 7 on the Philippine Dealing and Exchange (PDEX).

The issuance completes the final tranche of Petron's 50 billion pesos shelf registration approved by the Securities and Exchange Commission, with the offer nearly 1.3 times oversubscribed from its 25 billion pesos base.

Proceeds from the bonds will be used to redeem existing debt and for general corporate purposes, the oil refiner added.