THE Philippine Deposit Insurance Corp. will start distributing claim forms to all depositors of the 12 banks under the failed Legacy Group on March 18, and their acceptance will start March 23, the state-run agency said in a statement.

But it said the filing of a claim did not mean automatic payment, adding any claim must be validated.

The PDIC has paid out P133.4 million to depositors with savings of P100,000 and below, which represents about 67 percent of the P198.1 million owed them.

Their depository banks had been under the Legacy Group, which is accused of using a pyramiding scam to cheat the public.