Pag-IBIG members can open an MP2 Savings account safely and conveniently online. It is one of the services available via Virtual Pag-IBIG. Previously, we’ve provided you with guides on how you can apply for a salary loan and a calamity loan online. This time, we’re bringing you a guide on the MP2 Savings Program, covering what it is and how you can apply online.
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What is MP2 Savings Program?
The Modified Pag-IBIG II (Pag-IBIG MP2) Savings Program is identified as a special and voluntary savings facility with a 5-year maturity, designed for active Pag-IBIG Fund members who wish to save more and earn even higher dividends, in addition to their Pag-IBIG Regular Savings.
The program is also open to former Pag-IBIG Fund members (pensioners and retirees) with other sources of monthly income, regardless of age, and with at least 24 monthly savings before retirement.
According to Pag-IBIG, they set aside at least 70% of its annual net income and credits it proportionately to its members’ Pag-IBIG Savings as dividends. This means that the more one has saved, the higher dividends that member shall earn.
Moreover, Pag-IBIG Fund invests at least 70% of its investible funds in housing finance, as its Charter requires. It also invests in government securities and corporate bonds. The Pag-IBIG MP2 Savings, being a voluntary program, earns a higher dividend rate than the mandatory Pag-IBIG Regular Savings.
In 2020, the MP2 Savings earned a dividend rate of 6.12%.
Check out the MP2 Savings Dividend Rates over the past nine years:
Furthermore, the minimum MP2 savings is PHP 500 per remittance. More so, there is no limit on the amount you can save in the MP2 savings. However, if you wish to save more than PHP 500,000, you would have to issue a personal or manager’s check payable to Pag-IBIG Fund.
How to open an MP2 Savings account?
As mentioned, you can open an MP2 Savings account safely and conveniently online via Virtual Pag-IBIG. Once you are issued an MP2 Savings account number, you can start saving.
If you are employed, you may save in the MP2 Savings through your employer, who may deduct from your salary your monthly MP2 Savings and remit this amount to Pag-IBIG Fund. You may also save in the MP2 on your own, via Virtual Pag-IBIG, at any Pag-IBIG Fund branch, or through any of our authorized collecting partner outlets or online payment channels.
However, if you are self-employed or an Overseas Filipino Worker (OFW), you may save in the MP2 Savings anytime using the above payment channels.
Here are the steps to applying for the MP2 savings program online:
1) Visit the MP2 Enrollment page at www.pagibigfundservices.com/MP2Enrollment.
2) Enter your Pag-IBIG Membership ID (MID) number, last name, first name, and birthdate (MM/DD/YYYY).
3) Type the CAPTCHA code.
4) Click the Submit button.
5) In the Desired Monthly Contribution field, enter the amount you wish to remit every month for your Pag-IBIG MP2 savings.
6) Select your preferred option from the following dropdown menus:
- Preferred Dividend Payout: Whether you would like to receive your MP2 dividends annually or by the end of the five-year term.
- Mode of Payment: Whether you prefer to pay your MP2 contributions through salary deduction, over-the-counter at any Pag-IBIG branch, or through any Pag-IBIG Fund-accredited collecting partners
- Source of Funds: Your main income source where your MP2 payments will come from.
7) Click the Submit button.
8) Your completed Modified Pag-IBIG II Enrollment Form will be displayed, which contains your 12-digit MP2 account number. You have the option to save this form as a PDF file or print it.
Where to Pay MP2 Contributions?
Online Payment Channels:
- Pag-IBIG Online Payment Facility – via PayMaya, Visa, Mastercard, and JCB credit cards
- Moneygment – via Moneygment wallet, bank deposit, PayPal, ECPay, Dragonpay, 7-Eleven
Over-the-Counter Payment Centers:
- 7-Eleven (Must first secure a Payment Instruction Page from the ECPay website)
- Bayad Center
- M. Lhuillier
- SM Business Centers, including Savemore and SM Hypermarket bills payment counters
How to Pay MP2 Contributions via Virtual Pag-IBIG?
1) Log in to your Virtual Pag-IBIG account.
2) Under Payments, click Pay Online.
3) Click MP2 Savings from the list of options.
4) Completely fill out the payment form with the following details:
- Program Type (MP2 Savings)
- Membership Category (Local or Overseas)
- Modified Pag-IBIG II Account No.
- Member’s Name
- Modified Pag-IBIG II Savings (PHP)
- Period Covered From (Period Covered Duration and Period Covered To)
- Amount Due & Convenience Fee (Note that a convenience fee of PHP 5.00 goes to the Payment Gateway.
- Total Amount Due
- Member’s Mobile Number
- Member’s Email Address
5) Check all the details and click Proceed.
6) You’ll be redirected to the Payment page, where you can pay using your Paymaya/GCash account or Credit/Debit Card (VISA, Mastercard, JCB).
7) Enter your Paymaya/GCash or Debit/Credit card details and click Pay Now.
You may also monitor your posted MP2 contributions through Virtual Pag-IBIG.
ALSO READ: How to register to Virtual Pag-IBIG?