The following information was made available by ABC Co. prior to valuation analysis using the reproduction value method:

Current Assets, P300 million;

Non-current Assets, P500 million;

Current Liabilities, P150 million;

Non-current Liabilities, P350 million

Total number of shares outstanding, 1.15 million shares

Of the non-current assets, P150 million are correctly valued, while the balance needs to be adjusted. Estimates suggests that if similar assets will be reproduced, it will be valued at P70 million lower than the current balance of the non-current assets subject to adjustment.

What is the adjusted reproduction cost, expressed in millions?