A citizen of Japan, residing in Hongkong, with properties in Hongkong and the Philippines, had the following data on properties and rights at the time of his death and their values.

Real estate, Hongkong	P1,000,000
Real estate, Philippines	2,000,000
Shares of stock of a domestic corporation	200,000
Shares of stock of a Japanese corporation	300,000
Shares of stock of a Canadian corporation, doing business in the Philippines only	100,000
Philippine peso deposit in Metrobank	500,000
Receivable under a life insurance with an insurance company doing business in Hongkong	250,000

The gross estate that should be reported in the Philippines is:

A. P4,350,000 C. P 2,800,000

B. P3,700,000 D. P4,000,000