How to open PAG-IBIG MP2 Account Online

Finding a legitimate way to save or invest is pretty much essential these days. Saving money and looking for opportunities to multiply your money is what we all like to happen. Right?

The most convenient way most of Filipinos save money is in a bank, most savings account in the Philippines has a small interest rate of 0.10% to 0.25% per year. That's not a big interest rate if we are to account the inflation rate (which is as +7%).

Don't be too sad, as PAG-IBIG Fund gives us a better and more convenient way of saving money. Meet PAG-IBIG MP2.

What is PAG-IBIG MP2?

The MP2 Savings program is a savings option intended for Pag-IBIG Fund members, which has a 5-year term and offers greater dividends for those who want to increase their savings beyond their regular Pag-IBIG savings. This initiative is also accessible to retirees and pensioners who were once members of the Pag-IBIG Fund.

Who are eligible to open a PAG-IBIG MP2 Account?

You can open a PAG-IBIG MP2 Account if you are an active member of PAG-IBIG (active member: members with at least one (1) monthly savings (contribution) within the last six (6) months.)

It is also open to these individuals:

-Individuals who have retired or receive a pension and were once members of Pag-IBIG Fund can participate in the MP2 Savings program as long as they have a minimum of 24 monthly savings before their retirement and other income sources, regardless of age.

-Filipinos who were born as citizens and regained their Filipino nationality under the Citizenship Retention and Reacquisition Act of 2003 (RA 9225) are eligible for the MP2 Savings program if they have made at least 24 monthly contributions before permanently moving to another country.

What are the advantages of PAG-IBIG MP2?

• Easy to save as members can save for only a minimum of P500 per remittance.
• Earns higher dividends than the Pag-IBIG Regular Savings
• Dividends are tax-free and can be withdrawn annually or after the 5-year maturity
• MP2 Savings are government-guaranteed

Where does PAG-IBIG invest my savings?

As mandated by its Charter, Pag-IBIG Fund allocates a minimum of 70% of its investible funds to housing finance. Additionally, it also invests in corporate bonds and government securities.

How can I open PAG-IBIG MP2 account?

-You can create an MP2 Account via virtual PAG-IBIG (click this link)

-You can also visit any PAG-IBIG Branch near you with your duly accomplished MP2 enrollment form.

-You can also opt to have your MP2 Savings regulary deducted in your salary, you can contact your HR about this.

How can I remit/pay to my PAG-IBIG MP2 account?

-You can pay/remit via virtual PAG-IBIG (click here)

-You can also pay/remit via Accredited Collecting Partners (click here)

-You can also pay via Gcash/Maya or other E-banking applications from your smartphone.

How does PAG-IBIG MP2 work?

Upon opening an account, you will have to choose upon how often you will receive your dividend from your MP2 Account.

Yearly

-you can opt to receive your dividend from your MP2 Savings account yearly, this dividend will be deposited in your connected bank account in your PAG-IBIG account.

After 5 years

-you can opt to receive your dividend at the end of the 5 years maturity. The advantage of this choice is that your dividend will be compounded. Aside from your regular MP2 savings, your dividend will also have its own interest. 

PAG-IBIG MP2 Savings Maturity

After 5 years

-After your MP2 savings reach the end of their term (5 years), you can withdraw your earnings entirely. If you want to keep using MP2 for your savings, you need to withdraw your funds and open a new account. If you don't withdraw your money after the maturity period, it will still earn yearly dividends based on the rates for regular Pag-IBIG savings for another two years. However, your funds will no longer earn dividends after that time, so you should claim them promptly.

Before 5 years

-An MP2 account holder can withdraw their funds entirely before the five-year maturity period in specific situations. These conditions include:

• Total disability or insanity
• Termination from employment due to health reasons
• Retirement
• Permanent migration to another country
• Unemployment due to layoff or company closure
• OFW repatriation from the host country
• Death of the MP2 account holder, with the MP2 Savings to be received by the member’s beneficiaries
• Critical illness of the MP2 account holder or an immediate family member, certified
by a licensed physician, and subject to approval by Pag-IBIG Fund

Bottomline:

Availing much bigger savings compared to other saving channels such as banks is now very convenient with the PAG-IBIG MP2 Savings Account. All you have to do is to apply.