Debtor owes Creditor ₱20, 000. On the due date of the obligation, Debtor could not pay. Debtor instead offered his TV set worth ₱20,000 in payment of the obligation. Creditor agrees.

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Dation in payment, or "dacion en pago," occurs when property is given to the creditor in satisfaction of a debt in money. This is an alternative form of fulfilling an obligation, where the creditor agrees to receive something of value other than the specific form of payment initially agreed upon (in this case, money). The agreement between the debtor and the creditor to accept the TV set worth ₱20,000 in place of the cash payment effectively discharges the debtor's obligation.

Debtor Owes Creditor ₱20, 000