Is this commutative encryption protocol secure?
Yes it is possible for a passive eavesdropper to recover the secret $P$.

Here's how:

The attacker observes $C_1,C_2,C_3$ and formes the XOR of all those values. That's it, the result of $C_1\oplus C_2 \oplus C_3=P\oplus F(K_1,IV_1)\oplus P \oplus F(K_1,IV_1) \oplus F(K_2,IV_2) \oplus P \oplus F(K_2,IV_2)=P$ yields the desired plaintext.