Condo penalty due to delayed bank approval

Good day,

I purchased a condo and I've already finished paying the downpayment. The problem is, I was informed that the unit can not be turned over due to penalties incurred. I am working as an OFW so I am not in the country most of the time. The agent was the one processing the bank financing. The bank have just recently released the loan which is already 11 months delayed. The reason according to the bank, is that the account manager initially assigned to process the loan resigned half way the processing, so they have to start again in the processing. Now, the penalties reached 1.2M. I tried filling a petition to the developer regarding my case. What legal actions can I take? What rights as a buyer do I have? I can not afford to pay the penalty.

Wow parang half a condo na din ang penalty na yan ah!

What did the bank aproval delay DEPEND of?

Perhaps solutions:
1. Did it depend of the DEVELOPER didn't deliver something in time? It's common developers are late at finnish and/or transfer the title...
I suppouse you bank don't aprove your loan before you have got the title in your name.
IF the delay depended anything of the developer, then THEY are (part) REASON to the delay. If so that's a reason to not pay (whole) punishment fee.

2. (If p1 can't solve the problem) you can let a lawyer look at the contract to check if it's illegal e g by favour one side to much. (I don't know if there is such in the Philippine law, but there are in some other countries.)
IF the contract is found illegal, then the developer don't have contract supporting his punishment fees level...