Bonifacio obtained a loan of PHP 1,000,000.00 from Dagupan Finance Corporation, secured by a security interest over his fleet of five delivery vans under a written security agreement that identified the vans and described the obligation secured. Dagupan Finance registered the security interest in the Personal Property Security Registry on the day the loan was granted. Two months later, Bonifacio borrowed PHP 500,000.00 from Laoag Lending Cooperative, offering the same fleet of five delivery vans as collateral. Laoag Lending and Bonifacio executed a written security agreement but Laoag Lending did not register the security interest in the Personal Property Security Registry. Bonifacio subsequently defaulted on both loans. As between Dagupan Finance Corporation and Laoag Lending Cooperative, which creditor has priority over the fleet of delivery vans? (Bar 2026 Syllabus)