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A Philippine corporation, Aurora Metals Corp. (AMC), borrows from two lenders to finance equipment purchases. Lender X perfects its security interest in AMC’s present and after‑acquired equipment and inventory by registration in the Philippine Security Interest Registry on January 6, naming the debtor as “Aurora Metals Corp.” Lender Y files its security interest on January 25, naming the debtor as “Aurora Metal Corp.” (a misnomer) and describing the same collateral: “all present and after‑acquired equipment and inventory.” AMC subsequently defaults on both loans. (a)Identify the governing doctrine and essential elements for perfection by registration under RA 11057. (b)Evaluate whether each registration complies with requirements for debtor identification and collateral description; would either registration be defective, and what is the consequence for perfection? (c)Who has priority between Lender X and Lender Y, and why? Explain how the misnaming in (b) may affect priority.