Can a party who signed on the note as an accommodation party raise the defense of absence or want of consideration?

No. An accommodation party who lends his name to enable the accommodated party to obtain credit or raise money is liable on the instrument to a holder for value even if he receives no part of the consideration. He assumes the obligation to the other party and binds himself to pay the note on its due date. By signing the note, the accommodation party thus became liable for the debt even if he had no direct personal interest in the obligation or did not receive any benefit therefrom. (Dela Rama v. Admiral United Savings Bank, G.R. No. 154740, Apr. 16, 2008)