In 2016, X Corp. obtained a loan worth ₱50,000,000.00 from J Bank, which was secured by a third-party mortgage executed by Y, Inc. in favor of X Corp. Since X Corp. was not able to settle its loan obligation to J Bank when it fell due, and despite numerous demands, J Bank foreclosed the mortgaged properties. The properties were sold in a foreclosure sale for ₱35,000,000.00, thereby leaving a ₱15,000,000.00 deficiency. For failure of X Corp. to pay said deficiency, J Bank filed a complaint about the sum of money against X Corp., its President, Mr. P, and Y, Inc. With respect to Mr. P, J Bank argued that he should be held solidarily liable together with X Corp. because he signed the loan document on behalf of X Corp. in his capacity as President. On the other hand, J Bank contended that Y, Inc. should also be held solidarily liable because the shareholdings of both corporations are identically owned and their operations are controlled by the same people; hence, Y, Inc. is a mere alter ego of X Corp.

Should Mr. P be held liable? Explain.

Should Y, Inc. be held liable? Explain.