XYZ Company factored accounts receivable of P900,000 with credit terms of 2/10, n/30 immediately after shipment of the goods to the customer. The factor withheld 20% of the amount of receivables to secure against sales return and allowances. The factor also charged a 10% commission based on the amount of receivables factored. The customer subsequently allowed a credit of P50,000 for damaged merchandise.

Compute for the proceeds from factoring, and factor's holdback.