Short answer. No, but not because you lose out — there is simply no longer a choice to make. Once only one of the alternatives remains practicable, the Civil Code says the debtor loses the right of choice, and the obligation narrows automatically to whichever option is still possible. Nobody has to elect anything at that point.
What the law says
The debtor shall lose the right of choice when among the prestations whereby he is alternatively bound, only one is practicable.
Civil Code, Article 1202 — When Only One Prestation Is Practicable. Read the full provision →
The article is written from the debtor's side
Article 1202 is framed around the debtor — the person bound to perform one of two or more alternative prestations — losing the right of choice once only one of those prestations is still practicable. In an alternative obligation, the right to pick which prestation is delivered ordinarily belongs to the debtor, unless the parties' agreement or the specific law governing the obligation gives that right to you as creditor instead. This article addresses what happens to that right when circumstances make choosing pointless.
Why it stops being a choice at all
The mechanism here is not that the surviving option is picked for anyone — it is that there is nothing left to choose between. Once one of the two prestations becomes impracticable, the obligation is, in substance, no longer alternative; it has narrowed to the single remaining prestation. That is why the article speaks in terms of the debtor losing a right, rather than the creditor gaining one: the choice simply ceases to exist as a live decision once only one path forward remains.
What this means for you as the person owed performance
If you are the creditor, this rule tells you what you are entitled to receive once one alternative drops out: the remaining, practicable prestation, delivered as the obligation now requires. You would not be able to insist on the impossible one, and there is no election for you to exercise either, since Article 1202 removes the choice altogether rather than transferring it. What you can demand is performance of whichever prestation is still capable of being carried out.
What to pin down about your situation
This article addresses only the loss of the choice once one option becomes impracticable — it does not by itself tell you whether the person who owed you the choice was originally the debtor or you, or what caused the option to become impossible. Look first at whatever contract or arrangement created the alternative obligation to see who held the right of choice and under what terms, and note when and why the option became impossible. Those facts, together with this article, are what determine exactly what you can now demand.