On January 1, 2021, Bank of the Oro granted a ten-year term loan of P10,000,000 on Runny Company. If there were no possibility of credit losses, the coupon rate that Bank of the Oro would charge the borrower is 10% per annum; but because of the borrower's credit rating, Bank of the Oro estimates that there is a possibility the borrower might default on the payments and the expected credit losses are estimated at P100,000 per year over the ten-year term. Accordingly, Bank of the Oro charges the borrower 11% coupon rate to reflect the yield on the instrument to include a return to cover those credit losses expected when the loan is first recognized.

Assuming there is a significant deterioration of credit risk for the year ended December 31, 2021. How much is the lifetime ECL as of December 31, 2021?