Short answer. Yes. By waiving that right, you gave up your usual protection. Article 2059 says excussion shall not take place if the guarantor has expressly renounced it. Having renounced it in your guaranty, you can no longer force the creditor to exhaust the borrower first.
What the law says
The excussion shall not take place: (1) If the guarantor has expressly renounced it;
Civil Code, Article 2059 — When Excussion Does Not Apply. Read the full provision →
What excussion normally gives you
The benefit of excussion is a guarantor's ordinary shield. It means the creditor must first pursue the borrower's own property, and only what cannot be collected from the borrower may be demanded from the guarantor. That is what makes a guarantor's liability secondary rather than immediate. But this benefit is a right that belongs to you, and like many rights it can be given up. Article 2059 lists the situations in which the excussion shall not take place — the circumstances where a guarantor loses the ability to insist the borrower be gone after first.
Express renunciation is the first exception
The very first item on that list is your situation. Excussion does not apply if the guarantor has expressly renounced it. When your guaranty document contains a clause waiving the right to require the creditor to proceed against the borrower first, that is an express renunciation. Having renounced the benefit, you cannot later invoke it. The creditor is then free to come straight to you without first exhausting the borrower's property. In short, the waiver you signed removes precisely the protection you are now hoping to rely on.
Why a clear waiver is honored
The law treats an express renunciation as binding because the benefit exists for the guarantor's protection, and a person may generally give up a protection meant for himself. Creditors commonly ask for this waiver exactly so they can collect without the delay of first suing the borrower, and a guarantor who signs it is taken to have accepted that more immediate exposure. That is why the renunciation must be express: a clear, deliberate giving-up of the benefit is what the article requires, and where that exists, the creditor may act on it.
What the waiver does and does not do
Waiving excussion changes the order of collection; it does not, by itself, enlarge the debt or strip away every other protection you have. You remain a guarantor of the same obligation, and your other rights — such as being reimbursed by the borrower for what you are made to pay — are not erased by the waiver. What you have lost is the ability to make the creditor pursue the borrower before you. Note too that binding yourself solidarily with the debtor is a separate item in the same article that also removes excussion, so the exact wording of your undertaking controls how directly you can be pursued.
Cases citing this provision
These Supreme Court decisions cite the provision above. We list them so you can read them yourself; the summaries of what each decided are not ours to give.
- Trade and Invesment Development Corporation of the Philippines also known as Philippine Export-Import Credit, G.R. No. 233850, July 1, 2019 — read the decision on LawPhil →