Benefit of the period

Article 1196 of the Civil Code of the Philippines discusses the presumption as to benefit of the period, to wit:
ART. 1196. Whenever in an obligation a period is designated, it is presumed to have been established for the benefit of both the creditor and the debtor, unless from the tenor of the same or other circumstances it should appear that the period has been established in favor of one or of the other. (1127)
If the period is for the benefit of either of the creditor or debtor, the creditor may demand the fulfillment or performance of the obligation at any time but the obligor cannot compel him to accept payment before the expiration of the period and the debtor may oppose any premature demand on the part of the obligee for the performance of the obligation, or if he so desires, he may renounce the benefit of the period by performing his obligation in advance.

If the period is for the benefit of the debtor alone, he shall lose every right to make use of it: (a) when after the obligation has been contracted, he becomes insolvent, unless he gives a guaranty or security for the debt; (b) when he does not furnish to the creditor the guaranties or securities which he has promised; (c) when by his own acts he has impaired said guaranties or securities after their establishment, and when through a fortuitous event they disappear, unless he immediately gives new ones equally satisfactory; (d) when the debtor violates any undertaking, in consideration of which the creditor agreed to the period; (e) when the debtor attempts to abscond [1] (f) when required by law or stipulation; and (g) if parties stipulated an acceleration clause.

[1] Art. 1198, Civil Code.