After long talks with the payroll manager of SMS Co., the company under audit, he provided me a sufficient document to audit the employment benefit liability account. Upon reviewing the documents and the general ledger balances, I have obtained the following data: 1/1/2021 balance of fair value of plan assets is Php2,000,000; 1/1/2021 balance of defined benefit obligation is Php3,600,000.

In addition, during the year 2021, SMS Co recognized current service cost and past services cost of Php1,400,000 and Php600,000. Actual Return on plan assets shows Php160,000 while there is also actuarial loss due to increase in DBO of Php200,000. SMS Co. made aa contribution to the fund of Php800,000 and paid benefits of Php720,000. Discount rate is at 10%.

What is the net defined benefit liability/asset as of December 31, 2021?