In this article, we will outline a complete guide on Pag-IBIG MP2 savings from the opening of an account until withdrawal after the maturity period.
What is Pag-IBIG Fund MP2 Savings Program?
The MP2 Savings Program is a voluntary savings platform for Pag-IBIG Fund members who wish to save more in addition to their Pag-IBIG Fund Regular Savings. This savings program also incurs a higher interest rate compared to banks and other financial institutions, enabling members to make the most out of their money. The MP2 savings has a fixed term of 5 years.
Who can save under MP2?
- Active Pag-IBIG Fund Members; and
- Former Pag-IBIG Fund Members with other sources of monthly income and/or Pensioners, regardless of age, with at least 24 monthly savings prior to retirement.
How much is the annual divident rate of Pag-IBIG MP2 Savings?
How to open an MP2 Savings account?
For this, you have two options: online or thru visiting any Pag-IBIG Fund office near you.
For the online enrollment, the steps are quite simple:
- Go to the Pag-IBIG Mp2 enrollment site
- Fill out the information needed
- Print out the auto-generated form
That’s it! For a detailed process, you may visit this link.
Simply submit your duly accomplished MP2 Savings Application form, along with the following:
- Valid Identification Card; and
- Passbook or ATM Card of your nominated bank account
You may download the MP2 Savings Application form here
How to pay the MP2 Savings?
For this, there are three methods:
- Payment Centers
- Pag-IBIG Branch
For payment thru authorized payment centers of the Fund, here are some of the payment centers accepting payments of MP2 savings:
- SM Bills Payment Center
- Western Union
- Bayad Center kiosks
As for payments thru any Pag-IBIG Fund Branch, kindly proceed to any branch near you. Secure a priority number for your desired transaction then proceed to the cashier for payment.
How to withdraw MP2 Savings?
There are two ways to withdraw your MP2 savings: Premature withdrawal and withdrawal after maturity.
Pag-IBIG Fund allows early withdrawal under any of the following scenarios:
- Total disability or insanity
- Termination from employment due to health reasons
- Death/Critical illness of the MP2 account holder or an immediate family member
- Migration to another country
- Unemployment due to layoff or company closure
- OFW repatriation from the host country
As for the withdrawal after maturity (after the 5-year term of the MP2 savings), the following are the procedure:
- Fill out the Application for Provident Benefits (APB) Claim form
- Visit the Pag-IBIG branch where you have filed your MP2 application.
- Submit the APB Claim form along with other requirements which may be required by the Pag-IBIG representative.
- Receive the Provident Benefits Acknowledgement Receipt.
- Claim your Pag-IBIG MP2 lump sum check on the date indicated in the receipt. The amount that will be released to you includes your total savings plus the dividends earned by it in a span of five years.
That’s it for the MP2 Savings Program complete guide. If you’re looking for a sign to start your savings, this is it. So, do it now!