I have an inquiry about the Maceda Law. I bought a condo unit under one of FIlinvest's project here in Cebu with a Net Contract Price of Php 2.8M. We have paid the full downpayment (24 months equity) of Php 235,591.73 and we were about to enter amortization and have applied for bank loan. Unfortunately, we had issues with the bank loan application and it took us more than 2 years to process the loan application until we decided to stop pursuing for the loan and back out of the whole project - this was due to the frustration and the delay of the loan application that we (buyer) felt there was a neglect of duty on their part. We asked for a refund from Filinvest (seller) and they only approved us with the value of Php 117,795.87 - which was the amount for refund at 50% of the Php 235,791.73 under the Maceda Law.
So my question is, does the Maceda Law apply to errors made the seller? It was never our intention to back out of the whole project in the first place, but unfortunately, due to the bad experience we had with the whole ordeal, we decided to stop.
Appreciate your response on this