Just recently, we shared about how OFWs can save money through the SSS Flexi-Fund. Today, we are going to share about another investment opportunity: the Pag-IBIG MP2 Savings Program.
You might be thinking, isn’t Pag-IBIG just for housing loans? Definitely not! Aside from the current Pag-IBIG 1 (P1) program, it also offers the “Modified Pag-IBIG” or MP2 — a voluntary program where you can earn tax-free savings at higher interest rates than most banks.
Guide to Investing via Pag-IBIG MP2 Fund
Whether you are residing in the Philippines or working abroad, as long as you are an existing Pag-IBIG 1 (P1) member, you are qualified to join the MP2 Program. If you are looking for a good investment for your hard-earned money, then consider this as a possible option.
Pag-IBIG MP2 Savings Program Features
Wondering what the MP2 Program is all about? Here are its basic features:
- Tax-free, voluntary program
- 5-year term, renewable at end of term
- Minimum monthly deposit of PHP 500
- Higher yield due to higher dividend rates
- Savings option for Pag-IBIG 1 (P1) members
- Higher return of investment (POI) than most bank accounts
What’s more, if you miss making a monthly deposit, your Total Accumulated Value (TAV) will not be forfeited — unlike insurance plans, VULs, and other pre-need programs. In other words, the MP2 Savings Program is a low-risk option for “conservative” investors.
How to Invest in Pag-IBIG MP2 Program
First of all, you need to be an active Pag-IBIG 1 (P1) member. Then, you can join the MP2 program offline or online.
If you happen to be in the Philippines and you decide to join the program, here are the steps:
#1 – Go to the nearest Pag-IBIG branch. Don’t forget to bring your Pag-IBIG ID or HDMF Transaction Card. Otherwise, you can also provide your name and Pag-IBIG MID number.
#2 – Fill up the MP2 Registration Form and submit it together with other requirements.
#3 – Make a minimum deposit of PHP 500 at the Cashier. Take note that this is separate from your ongoing P1 contributions.
Meanwhile, you can also opt to join the program online:
#1 – Go to the Pag-IBIG website.
#2 – Click on “E-Services,” then click “MP2 Enrollment System.”
#3 – Enter your Pag-IBIG MID number, last name, first name, and date of birth. Enter the CAPTCHA code displayed on the screen, then click “Submit.”
#4 – Provide the necessary information in the online form. Enter another CAPTCHA code displayed on the screen, then click “Submit My Application.”
#5 – Wait for messages that will be sent to your email, then follow further instructions.
DISCLAIMER: The details presented above are for information-sharing purposes only. If you want to know more about the MP2 Savings Program, please visit the official Pag-IBIG website. Meanwhile, check out these tips on how to save money if you lose your job in Dubai.