There were synthesized the resol phenol-formaldehyde resins (PF) modified with various amounts (up to 20 wt. %) of the products of poly(ethylene terephthalate) [PET(N)] chemical degradation (glycolysis). NaOH or NH4OH solutions were used as reaction catalysts. Some physico-chemical properties of modified PF resins were determined (Table 1 and 2) and their structures have been confirmed using GPC method and IR spectroscopy (Figs. 1-5, Table 3). The resins contained very low amounts of free formaldehyde (ca. 0.2 %) and phenol (1.76-3.75 %) whereas dry mass content was in the range 66-80 %. Modified resins showed very good thermal stability (Table 4) and the varnish coatings made of them showed good adhesion to metal surface as well as elasticity and impact strength (Table 5 and 6). Application of PET degradation products to PF resins modification creates the possibility of PET wastes utilization and enables to obtain a new kind of resins showing good functional properties.