The Modified Pag-IBIG 2, commonly known as MP2, a savings scheme open to all existing Pag-IBIG I members, is designed with a yield higher than what is provided under Pag-IBIG I. The program took effect on February 3, 2010.
We personally believe that MP2 is a great way to save money. Your contributions and savings are secured because it is government guaranteed. It’s really safe to save here since the worst thing that can happen is having zero interest, giving you the capital but no gain, unlike in UITF, mutual funds, stock market or any risky investment scheme where there are possibilities of losing.
Things You Need to Know
- The minimum amount that you can save is 500 pesos.
- In this program, the dividend rate is usually higher than that of Pag-IBIG I. Example, In April 2010, the dividend rate for MP2 was 5.5% while Pag-IBIG II was only 5%.
- You can only withdraw your total savings after completing 5 years. Pag-IBIG only gives exemption to this rule to people with total disability or insanity, or unemployed because of health issues, or death.
- If ever you weren’t able or purposely did not withdraw your money after maturity period, your money will still grow for 2 years under dividend rate same with Pag-IBIG I. After 2 years, there will be no additional gain.
- If you want to extend your program, just inform Pag-IBIG. If extended, it will be another 5 years and same all rules apply.
- MP2 is exclusive to Pag-IBIG I members only so if you are planning to register for MP2, register first for Pag-IBIG I. You have to be active Pag-IBIG I member before and during the program.
- Unlike Pag-IBIG I, you can not avail any loan from your membership in this program. This is simply for savings. But since you are Pag-IBIG I member, you can avail loans under MultiPurpose Loan program or housing loans if you are eligible.
- You can ask your HR department to automatically deduct your contributions from your salary or you can just personally deposit it at Pag-IBIG itself.
The photo below shows sample computation of MP2 Savings program:
Print two copies of the completed form then sign them. First copy is for your reference and the second one will be passed to your HR for processing.
If you have questions, you can check Pag-IBIG’s website or you can leave a comment below and we’ll be happy to help you!
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