Supreme Court Decision Awaits Relief For Long-Suffering Depositors Of Closed Bank

It is, frankly, a bewildering injustice that depositors of a closed thrift bank are still unable to access their hard-earned savings—due solely to the delay of a Supreme Court decision.

All the suffering wrought by the savings of MaxBank depositors sitting safely in the vaults of a closed bank, entirely untouched but legally inaccessible, could be avoided if the Supreme Court would make a decision. I Photo: Supreme Court PH Facebook

For those who entrusted their money to the now-defunct Maximum Savings Bank, this prolonged wait is not just an inconvenience --- it is a crisis.

Why should individuals, who worked diligently for years to save a small nest egg, be denied access to their funds due to a prolonged legal battle between a former bank official and the Bangko Sentral ng Pilipinas (BSP)?

The answer, as it stands, is rooted in a bureaucratic quagmire that leaves ordinary people in financial limbo. It’s time to ask: Is this really the kind of financial justice we expect from our institutions?

In the face of this uncertainty, there may be a way forward—a solution that can give depositors the relief they desperately need.

The Philippine Deposit Insurance Corporation (PDIC), under current law, insures only up to P500,000 per depositor, but what happens when the total amount in question exceeds this threshold?

Shouldn't depositors be given access to their own money, even when the Supreme Court has yet to make its final ruling?

The answer is clear: Yes. A reasonable exception should be made for cases like this, where funds are already locked in legal limbo and depositors have been waiting for an unreasonably long time.

Let’s reflect on the situation. A story we reported five months ago told of depositors of Maximum Savings Bank—some of whom are awaiting the release of as much as P98 million in uninsured deposits.

However, they cannot access their own money because of a legal dispute—one that hinges on the outcome of a case filed by a former bank employee against the BSP.

The court’s decision is the only thing standing between these depositors and their funds. But the wheels of justice turn slowly, and these depositors continue to suffer as a result.

It is not just numbers or legalities at play here— it is real, human suffering.

The pain of financial uncertainty is a weight that cannot be measured by simple statistics. The families, businesses, and livelihoods that depend on this money are left to flounder as they wait for the Supreme Court’s ruling.

And the worst part? Their savings are sitting safely in the vaults of a closed bank, entirely untouched, but legally inaccessible.

As we approach the holiday season, it is impossible not to feel the weight of this issue more keenly.

Christmas is a time for hope, for reunions, for gifts, and for financial security. Yet for these depositors, the festive spirit remains distant, clouded by the uncertainty of whether or not they will be able to access the funds they need to recover their stability.

This is not just about money—this is about restoring dignity, securing futures, and ensuring that justice is done in a timely manner. The case against the closure of Maximum Savings Bank has been dragging on since June, with no clear resolution in sight.

As we inch closer to the end of the year, with the pressure mounting, we must ask: Why should these depositors, many of whom are small businesses or families struggling to stay afloat, be punished by inaction? 

Is this the message we want to send to the hardworking citizens of this country? That their financial security is secondary to legal delays?

There is, however, hope that action can be taken. Perhaps the Bangko Sentral ng Pilipinas (BSP), now under the leadership of Dr. Eli Remolona, a former official of the U.S. Federal Reserve, could step in as a temporary bridge—a funding arm to support depositors until the case is resolved.

The role of BSP could be pivotal in ensuring that justice is not only done, but done swiftly. This is not an unreasonable request. After all, the money is intact in the closed bank, waiting to be returned to its rightful owners.

The plight of MyTreasure International Inc., one of the notable depositors in this case, provides a window into the human toll this delay is taking.

Patricia Ann Lorete, the corporate secretary of MyTreasure, has spoken out about the devastating impact on their business.

“We are respectfully following up on the status of the case,” Lorete said, “We as depositors have had our funds held for over four years. These funds are vital to our business.”

Their struggle is shared by many. The economic consequences are not just theoretical—they are real, with businesses unable to repay creditors, and vendors threatening to take legal action.

The worst part is that all of this suffering could be avoided if the Supreme Court would make a decision.

So, as we approach the end of the year, let us remember what is truly at stake. This is not merely a matter of numbers—it is a matter of justice. It is a matter of ensuring that ordinary Filipinos, who trusted their bank to protect their money, are not left stranded due to bureaucratic delays.

We urge the Supreme Court to act with urgency and compassion. The holiday season is a time for giving, and there is no greater gift that could be given to these depositors than the decision they’ve been waiting for.

A decision that will allow them to reclaim their financial futures and restore their peace of mind.

The people have waited long enough. The Supreme Court must not let another day pass without delivering justice for the people it serves.

Let the ruling come soon, and let it bring relief to those who have already waited far too long. In the end, it is not just about the money—it is about the dignity of every Filipino, the stability of their businesses, and the integrity of our legal system.