If you’re searching for a passive income or ways to grow your money to reach financial stability, consider investing in the Pag-IBIG MP2 Program. However, Filipinos often disregard investing, but it is one of the easiest ways to grow your money by simply saving. And if you’re wondering how to invest in Pag-IBIG MP2 Program, keep reading.
What is Pag-IBIG MP2 Program?
The MP2 Savings or Modified Pag-IBIG II is a voluntary savings program offering 5-years of maturity to active Pag-IBIG fund members looking for more ways to save and get higher dividends. In addition, it’s an easy and affordable investment, offering profit to Filipinos. Its key features are the following:
- Affordable investment, allowing members to save for as low as P500 and doesn’t charge penalties for not remitting contributions
- MP2 Savings offer higher dividends to its members than Pag-IBIG Regular Savings
- Tax-free dividends and allows annual withdrawal
- A government-guaranteed savings program
- An annual dividend rate of up to 8%
- No savings limit amount
- Allows members to open multiple savings accounts
- Mid-term investment with 5-years of maturity
Who is eligible to invest in the Pag-IBIG MP2 Program?
If considering investing in Pag-IBIG MP2, the following are eligible to invest in the savings program:
- Active Pag-IBIG Fund members
- Former Pag-IBIG Fund members with a monthly source of income and have at least 24 monthly contributions before retirement, regardless of age.
- Natural born Filipinos or reacquired Filipino Citizenship with at least 24 monthly contributions before permanently migrating to another country
- Members with at least 1-month contribution in the last 6-months
What are the requirements for the Pag-IBIG MP2 application?
To apply for Pag-IBIG MP2 Program, secure the following requirements:
- Duly-accomplished MP2 Form
- Valid ID
- Bank account Passbook or ATM card for MP2
How to apply in Pag-IBIG MP2 Program?
There are two ways to apply for the Pag-IBIG MP2 Program to open a savings account. Applicants can walk-in at the nearest Pag-IBIG Fund branch or opt to enroll online at the Pag-IBIG Fund website. To do so, follow the steps below:
Via Walk-in Application at Pag-IBIG Fund branch
- Download and fill out the Modified Pag-IBIG Enrollment Form.
- Visit the nearest Pag-IBIG Fund branch.
- Then, present your requirements.
- The officer will encode your information and give you an account number for every MP2 account you open. The account number is where you’ll remit your savings.
- Afterward, if you wish to pay your 1st monthly contribution in your MP2 account, notify the Pag-IBIG officer to get a queuing number.
- Wait for your number and pay your MP2 contribution amount indicated on the enrollment form.
Via MP2 Online Application
- On your browser, visit the Modified Pag-IBIG II Enrollment website.
- Fill out the required fields on the MP2 Savings Enrollment, including your Pag-IBIG MID No, Last Name, First Name, and Date of Birth. Then, enter the code and click Submit.
- Next, fill out the online form.
- Input your Desired Monthly Contribution amount.
- Choose your Preferred Dividend Payout
- Select the Mode of Payment salary deduction, over-the-counter, or through accredited payment partners.
- Enter the Source of Funds and click Submit.
- Double-check the details on your MP2 form.
- At the bottom of the page, click the link to print the MP2 Enrollment Form.
- You’ll find your MP2 account number in the upper right corner of the enrollment form. For employees, ensure to print another copy and submit it to your HR to remit your saving through salary deduction. Also, you may repeat the steps to open another MP2 savings account.
How to invest in Pag-IBIG MP2 Program?
MP2 Savings is one of the most flexible and convenient ways to invest, which allows a minimum of P500 per remittance. It also allows members to have multiple bank accounts, ideal for maximizing one’s investment goals. Furthermore, if you’re in your 20’s or 30’s, investing in Pag-IBIG MP2 can help you grow your money over time as it offers higher dividends. You can also open another MP2 account to re-invest your earnings, increasing your savings for the years to come. Thus, the MP2 Savings is a long-term investment if you start early.
On the other hand, since it’s risky to invest if you’re approaching or at your retirement age, MP2 Savings can help with capital preservation. You can opt to withdraw your earnings annually and pay a one-time lump sum to get your dividends. Moreover, MP2 is ideal for multiple mid-term investments since you can open many accounts. You can allocate funds for tuition, emergency, travel, or purchase a house. So MP2 Savings is beneficial as it allows members to save and reach financial stability while earning.