Measurement of photoluminescence as a function of temperature and of magnetic field in p-type phosphorus doped Cd1-xMnxTe is reported. From the conduction band-acceptor level transition, the ionization energy of P-acceptors is obtained to be 54f 1 meV. The photoluminescence spectrum in the band edge region exhibits three maxima connected with the recombination of excitons bound to neutral acceptors (A0 , X), excitons bound to neutral donors (D0 ,X), and free excitons (Χ) at energies E(A O ,X) = 1.606, E(D°.X) = 1.610, and Εχ = 1.614 eV, respectively. At T = 1.4 K a strong increase in PL intensity of (A0 , Χ) line 8-fold as a function of magnetic field is found and shown to originate from the magnetic field-induced lowering of the acceptor binding energy and increase in the hole effective volume.