On January 2, 2022, Global Finance, Inc. extended a 10-year, P5,000,000 loan to G Company. Interest on the loan is 7% payable annually every December 31. The first interest payment was made by G Company on December 31, 2022; however, the credit information obtained by Global Finance, Inc. for G Company as of December 31, 2022, indicated a probability of default for the next 12 months at 5%, and Global expected to collect only 90% of the principal loan. On December 31, 2023, P35,000 interest was received by Global Finance, Inc. from G Company. On this date, the probability of default over the remaining two years of the loan increased to 10%, and the expected recovery of the principal amount reduced to only 70%. There is no objective evidence of receivable impairment at this time. What is the amount of allowance for expected credit losses reported in Global Finance, Inc.'s statement of financial position at December 31, 2022?