AWS Corp. requires Php 100,000 for 1 quarter. A factor will buy the company's receivables for an annual interest charge of 13%. The factor will advance up to 90% of the face value of receivables sold (the 90% advance is needed by the Schatje Corporation) with a 2% charge on all receivables purchased. The factor's services will save the firm a Credit Department and bad debts expense of P500 per month. How much receivables is the factor company buying from Schatje? Assume 360 day year