Antonino v. Banco Oro

Summary

This consolidated case involves a dispute over US Dollar time deposit placements made by Remedios and Angelita Antonino with BDO. The bank claimed the funds were already redeemed in 2001, presenting a Demand Draft with a signature they alleged belonged to Angelita. However, the Antoninos presented the original TDCs and a Bureau of Immigration certification proving Angelita was outside the Philippines at the time of the alleged redemption. The Supreme Court affirmed the lower courts' findings that the Antoninos proved their claim by a preponderance of evidence. The Court emphasized that banks must exercise the highest degree of diligence, which BDO failed to do by not verifying the signature and failing to require the surrender of the original TDCs upon redemption. The Court also ruled that the doctrine of laches did not apply because the deposits automatically converted to savings accounts under BSP regulations. The SC modified the award to include PHP 100,000.00 in moral damages, alongside exemplary damages and attorney's fees, due to the bank's failure to observe required prudence.