Holey graphene (HG) sheets incorporating PxOy were synthesized and used as a support material for Pd nanoparticles (Pd/HGPxOy) HCOOH oxidation on Pd/HGPxOy was better than that obtained using unmodified HG supporting Pd XPS revealed an electron transfer from Pd to HGPxOy HCOOH oxidation is favored by Pd/HGPxOy due to the decreased Pd electron density