{"id":2824,"date":"2023-01-20T09:47:47","date_gmt":"2023-01-20T09:47:47","guid":{"rendered":"https:\/\/kabayanremit.com\/blog\/?p=2824"},"modified":"2023-01-20T09:47:47","modified_gmt":"2023-01-20T09:47:47","slug":"mp2-savings-and-pag-ibig","status":"publish","type":"post","link":"https:\/\/kabayanremit.com\/blog\/finance\/mp2-savings-and-pag-ibig\/","title":{"rendered":"Growing your wealth with Pag-IBIG and MP2 Savings Accounts"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673002998159\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>While setting money aside in a savings account is a good idea, your money may not be worth as much when you come to use it further down the line due to factors like inflation.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672919226579\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>This is why it\u2019s important to make your money grow.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672919239085\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Luckily, there are two government-guaranteed programs for Filipinos looking to increase their savings with minimal risk: Pag-IBIG Regular Savings and MP2 Savings.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672919260142\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Before we discuss both programs, let\u2019s talk about Pag-IBIG.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >What is Pag-IBIG?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1672920207744\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/1-mp2-savings.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"1-mp2-savings\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/1-mp2-savings.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/1-mp2-savings-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/1-mp2-savings-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920266036\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>While this word also means \u201clove\u201d in Filipino, in terms of your finances, Pag-IBIG stands for Pagtulungan sa Kinabukasan: Ikaw, Bangko, Industria, at Gobyerno (Working Together for the Future: You, Banking, Industry, and Government).<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920287129\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>It\u2019s a catchier name for the Philippines\u2019 <a href=\"https:\/\/pagibigfund.gov.ph\/history.html\" target=\"_blank\" rel=\"noopener\">Home Development Mutual Fund<\/a>, which exists to help Filipinos access good housing in the country.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920319114\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>\u201cIn effect, Pag-IBIG harnesses these four sectors of our society [citizens, banking, industry, and government] to provide its members with adequate housing through [an] effective savings scheme,\u201d said <a href=\"https:\/\/lawphil.net\/administ\/pag-ibig\/pag-ibig.html\" target=\"_blank\" rel=\"noopener\">The LawPhil Project<\/a>, a legal resource maintained by the <a href=\"https:\/\/arellanolaw.org\/\" target=\"_blank\" rel=\"noopener\">Arellano Law Foundation<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920394642\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>With citizens\u2019 contributions to Pag-IBIG through its Regular and MP2 Savings programs, the fund should be able to:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920405532\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Provide affordable housing to Pag-IBIG members, including low-cost and socialised housing<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920433174\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Give Pag-IBIG members and non-members more options by encouraging competition in the housing industry<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920443650\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Stimulate the economy in more parts of the Philippines<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Am I required to pay Pag-IBIG?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1672930839829\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/3-mp2-savings.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"3-mp2-savings\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/3-mp2-savings.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/3-mp2-savings-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/3-mp2-savings-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673003241287\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Yes, based on <a href=\"http:\/\/legacy.senate.gov.ph\/republic_acts\/ra%209679.pdf\" target=\"_blank\" rel=\"noopener\">Republic Act 9679<\/a> or the Home Development Mutual Fund Law of 2009, all employees covered by the Philippines\u2019 public insurance programs called the <a href=\"https:\/\/www.sss.gov.ph\/sss\/\" target=\"_blank\" rel=\"noopener\">Socialised Security System<\/a> (SSS) and the <a href=\"https:\/\/www.gsis.gov.ph\/\" target=\"_blank\" rel=\"noopener\">Government Service Insurance System<\/a> (GSIS) must pay contributions to the Pag-IBIG Fund. This includes OFWs.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920606728\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>The only Filipinos not required to join Pag-IBIG, but may voluntarily pay contributions, are those who have permanently moved or are already naturalised abroad.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920632996\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>The MP2 Savings program is voluntary, but we will cover that in more detail later in the article.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920657089\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>A <a href=\"https:\/\/www.pagibigfund.gov.ph\/document\/pdf\/popsite\/Joint%20POEA%20-%20Pag-IBIG%20Fund%20Advisory_Signed.pdf\" target=\"_blank\" rel=\"noopener\">joint advisory<\/a> issued early in 2022 by Pag-IBIG and the Department of Migrant Workers (DMW, formerly the Philippine Overseas Employment Administration or POEA) further enforces RA 9679.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673003360845\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Now all OFWs, or anyone who wants to become an OFW, must have a Pag-IBIG Member Identification Number (MID).<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920685083\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>This MID is a required field in any OFW\u2019s or future OFW\u2019s <a href=\"https:\/\/onlineservices.dmw.gov.ph\/OnlineServices\/POEAOnline.aspx\" target=\"_blank\" rel=\"noopener\">DMW e-Registration account<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920699563\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>And, before they can leave the Philippines, an OFW must pay their Pag-IBIG contributions when processing their Overseas Employment Certificate (OEC).<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920745520\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>According to <a href=\"https:\/\/www.onenews.ph\/articles\/ofws-now-required-to-pay-pag-ibig-contribution\" target=\"_blank\" rel=\"noopener\">ONENews<\/a>, OECS are mandatory \u201cexit clearances\u201d issued by the DMW. With an OEC, an OFW has <a href=\"https:\/\/polosingapore.dole.gov.ph\/services-2\/issuance-of-oec\/\" target=\"_blank\" rel=\"noopener\">documentation<\/a> of their employment abroad and is exempt from paying travel tax and airport terminal fees.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >What is the Pag-IBIG Regular Savings program?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1672931133489\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/4-mp2-savings.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"4-mp2-savings\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/4-mp2-savings.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/4-mp2-savings-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/4-mp2-savings-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672920936774\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Unlike MP2 Savings, the <a href=\"https:\/\/www.pagibigfund.gov.ph\/FAQ_RS.html\" target=\"_blank\" rel=\"noopener\">Pag-IBIG Regular Savings<\/a> program is mandatory.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673003495710\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Here you put part of your savings in the Pag-IBIG fund for the next 20 years and earn tax-free dividends each year.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673003638966\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>As of 2021, the regular savings dividend rate was at <a href=\"https:\/\/www.pagibigfund.gov.ph\/Membership_RegularSavings.html\" target=\"_blank\" rel=\"noopener\">5.50%<\/a>, but it did reach 7.61% in 2017 and averaged <a href=\"http:\/\/www.philippine-embassy.org.sg\/wp-content\/uploads\/PAGIBIG_briefer.pdf\" target=\"_blank\" rel=\"noopener\">6.09%<\/a> from 2014 to 2018. This is higher than what you would earn from a standard bank savings account.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673003682127\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>To get started, the minimum Pag-IBIG contribution is PHP 100; but if you wish to earn more dividends, you will need to contribute more.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921002740\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>As an OFW, you can add to your contributions by:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921014687\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Logging in to <a href=\"https:\/\/www.pagibigfundservices.com\/virtualpagibig\/\" target=\"_blank\" rel=\"noopener\">Virtual Pag-IBIG<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921025656\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Visiting any Pag-IBIG branch<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921037448\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Paying through Pag-IBIG\u2019s authorised partners<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921058910\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>To give you a better idea of how much you can put into Pag-IBIG, here is what happens to your money after 20 years in the regular savings program with a dividend rate of 6.09%:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n[vc_table vc_table_theme=&#8221;classic&#8221;]Monthly%20savings,Savings%20in%2020%20years,Total%20dividends%20earned%20at%206.09%25*,Total%20accumulated%20savings%20in%2020%20years%20with%206.09%25%20dividend%20rate|200.00,48%2C000.00,44%2C085.00,92%2C085.00|600.00,144%2C000.00,132%2C254.99,276%2C254.99|1%2C200.00,288%2C000.00,264%2C509.97,552%2C509.97|2%2C000.00,480%2C000.00,440%2C849.96,920%2C849.96|3%2C000.00,720%2C000.00,661%2C274.93,1%2C381%2C274.93[\/vc_table]\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921469866\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>*6.09% was based on average dividend rates from 2014-2018. Actual dividend rate is based on the yearly income of the fund.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921483466\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Source: <a href=\"http:\/\/www.philippine-embassy.org.sg\/wp-content\/uploads\/PAGIBIG_briefer.pdf\" target=\"_blank\" rel=\"noopener\">The Philippine Embassy in Singapore<\/a><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921497192\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>While this looks promising, remember that this dividend rate can go up or down depending on how much Pag-IBIG makes in a year.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Can I withdraw my Pag-IBIG savings?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1672931043549\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/5-mp2-savings.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"5-mp2-savings\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/5-mp2-savings.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/5-mp2-savings-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/5-mp2-savings-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673003794729\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>You can only withdraw your Pag-IBIG regular savings and your tax-free dividend earnings after 20 years. This is longer than the MP2 Savings\u2019 timeline, where your <a href=\"https:\/\/kabayanremit.com\/blog\/finance\/types-of-investments\/\">investment<\/a> reaches maturity after 5 years.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921612462\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Certain conditions may allow you to withdraw your regular savings earlier. These are:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921619896\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Retirement<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921628963\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Permanent disability or insanity<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921641066\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Health issues that have prevented you from working<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921650626\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Permanently leaving the Philippines<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921657887\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Death<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672921668457\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>A critical illness in the immediate family<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673004760467\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>You may appeal for an early withdrawal for other reasons besides those listed above, but you would have to wait for approval from Pag-IBIG\u2019s Board of Trustees.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673004389827\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Moving on, we\u2019ve been mentioning MP2 Savings a lot in this blog, so let\u2019s talk about them and see how it differs from Pag-IBIG\u2019s regular savings program.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >What are MP2 Savings?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1672932428990\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/6-mp2-savings.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"6-mp2-savings\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/6-mp2-savings.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/6-mp2-savings-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/6-mp2-savings-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672936548690\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Short for Modified Pag-IBIG 2 Savings, the <a href=\"https:\/\/www.pagibigfund.gov.ph\/Membership_ModifiedPagIBIG2.html\" target=\"_blank\" rel=\"noopener\">MP2 Savings program<\/a> allows Pag-IBIG members to save voluntarily\u00a0and earn more dividends within a shorter period.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672927243071\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>With a minimum deposit of PHP 500, you can enjoy a higher dividend rate and quickly boost your savings in five years.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672936535717\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>There is also no limit on how much you can deposit and how many MP2 Savings accounts you can open. So if you wanted to, you could even deposit over PHP 1 million.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672927334513\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>However, deposits over PHP 100,000 will need you to show proof of income. If you are depositing PHP 500,000 in one lump sum, you will also need to write a personal or manager\u2019s check.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672927367079\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Whatever amount you wish to save, you can spread out your payments in monthly deposits or put in the whole amount in one go. It all depends on how much you can spare.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >How much are MP2 Savings dividends?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1672933534428\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/7-mp2-savings.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"7-mp2-savings\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/7-mp2-savings.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/7-mp2-savings-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/7-mp2-savings-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672927436242\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>As of 2021, the dividend rate for MP2 Savings was 6.00%. In 2017, the MP2 Savings dividend rate reached 8.11%.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672927462134\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>These are higher than rates for Pag-IBIG\u2019s Regular Savings program and higher than most bank interest rates, which are usually lower than 2%.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672937518647\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Instead of waiting five years for your account to mature, you can receive your dividends annually through a savings or checking account. This must be done via an accredited bank or through a check issued to your name. This is an added advantage compared to the mandatory Pag-IBIG program, where you must wait two decades to withdraw your money.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672927531731\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>To help you envision how your savings will grow, here\u2019s a sample computation from Pag-IBIG\u2019s official website, one where you get annual dividend payments and another where you <a href=\"https:\/\/www.investopedia.com\/terms\/c\/compounding.asp\" target=\"_blank\" rel=\"noopener\">compound<\/a> your savings or add last year\u2019s earnings to this year\u2019s savings:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672927974430\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><strong>For PHP 500 monthly savings &#8211; Annual dividend payout<\/strong><\/p>\n\n\t\t<\/div>\n\t<\/div>\n[vc_table vc_table_theme=&#8221;classic&#8221;]Year,Monthly%20savings%20(MS),Accumulated%20MS%20per%20year,Cumulative%20savings,Annual%20dividend%20payout,Total%20accumulated%20value|2020,500.00,6%2C000.00,6%2C000.00,243.75,6%2C000.00|2021,500.00,6%2C000.00,12%2C000.00,693.75,12%2C000.00|2022,500.00,6%2C000.00,18%2C000.00,1%2C143.75,18%2C000.00|2023,500.00,6%2C000.00,24%2C000.00,1%2C593.75,24%2C000.00|2024,500.00,6%2C000.00,30%2C000.00,2%2C043.75,30%2C000.00[\/vc_table]\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672928310418\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><strong>For PHP 500 monthly savings &#8211; Compounded savings<\/strong><\/p>\n\n\t\t<\/div>\n\t<\/div>\n[vc_table vc_table_theme=&#8221;classic&#8221;]Year,Monthly%20savings%20(MS),Accumulated%20MS%20per%20year,Cumulative%20savings,Annual%20dividend%20payout,Total%20accumulated%20value|2020,500.00,6%2C000.00,6%2C000.00,243.75,6%2C243.75|2021,500.00,6%2C000.00,12%2C243.75,712.03,12%2C955.78|2022,500.00,6%2C000.00,18%2C955.78,1%2C215.43,20%2C171.21|2023,500.00,6%2C000.00,26%2C171.21,1%2C756.59,27%2C927.81|2024,500.00,6%2C000.00,33%2C927.81,2%2C338.34,36%2C266.14[\/vc_table]\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672937664024\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Like Pag-IBIG\u2019s regular savings, the MP2 Savings dividend rate changes every year depending on Pag-IBIG\u2019s income. However, the computation above shows how much you can earn in five years.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672928735146\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>After your MP2 Savings account matures, you can withdraw your savings and tax-free dividend earnings, or you can let it stay for two additional years and earn dividends at Pag-IBIG regular savings rates. You can also open a new MP2 Savings account and transfer your accumulated savings there to <a href=\"https:\/\/grit.ph\/pag-ibig-mp2\/\" target=\"_blank\" rel=\"noopener\">keep it growing<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >How do I withdraw my MP2 Savings?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1672933975715\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/8-mp2-savings.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"8-mp2-savings\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/8-mp2-savings.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/8-mp2-savings-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/8-mp2-savings-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672929083458\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>You\u2019ll have to wait five years before you can withdraw your MP2 Savings in full.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672929114878\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Once your account reaches maturity, you can fill out an <a href=\"https:\/\/www.pagibigfund.gov.ph\/document\/pdf\/dlforms\/providentrelated\/PFF285_ApplicationProvidentBenefitsClaim_V07.pdf\" target=\"_blank\" rel=\"noopener\">Application for Provident Benefits Claim form<\/a> and submit it online <a href=\"https:\/\/www.pagibigfundservices.com\/virtualpagibig\/BenefitClaimsReminder.aspx?reason=A00773C6E2F65AEA\" target=\"_blank\" rel=\"noopener\">here<\/a>. Your online application will also need the following:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672929124334\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>A photocopy or scan of a valid ID<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672929143181\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>A photocopy or scan of your <a href=\"https:\/\/www.pagibigfund.gov.ph\/loyaltycard.html\" target=\"_blank\" rel=\"noopener\">Pag-IBIG Loyalty Card Plus<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672929157262\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>A selfie with you and your valid ID and Pag-IBIG Loyalty Card Plus<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673010675187\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>You can also personally submit your claim form in any Pag-IBIG branch. Make sure to bring a valid ID with you when you do.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673010817014\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>If you want to withdraw your funds before the account reaches maturity, you will need to meet one of the following conditions:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672929196093\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>You\u2019re retiring<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672937807155\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>You&#8217;ve lost your job due to your health<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672937821225\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>You&#8217;ve been laid off or your employer closed<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672937838164\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>You\u2019re an OFW who has to return to the Philippines<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672937850988\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>You&#8217;re the beneficiary of an MP2 Savings account holder who has died<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672937857972\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>You&#8217;re critically ill<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673010892175\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>The Pag-IBIG Fund&#8217;s Board of Trustees approves your reason for withdrawal<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672929295215\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>If you meet the above criteria and get to withdraw your MP2 Savings before the five-year mark, you can only get your principal savings and half of the dividends you\u2019ve earned.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >How can I open an MP2 Savings account?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1672934460242\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/9-mp2-savings.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"9-mp2-savings\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/9-mp2-savings.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/9-mp2-savings-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/01\/9-mp2-savings-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673010987036\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>If you\u2019ve decided to grow your funds with MP2 Savings, you can open an account online via this <a href=\"https:\/\/www.pagibigfundservices.com\/MP2Enrollment\/\" target=\"_blank\" rel=\"noopener\">link<\/a>. You can also go to any Pag-IBIG branch and submit an accomplished enrolment form, which can be downloaded <a href=\"https:\/\/www.pagibigfund.gov.ph\/document\/pdf\/dlforms\/providentrelated\/PFF226_ModifiedPagIBIGIIEnrollmentForm_V05.pdf\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1673011042734\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>After successful enrolment, you\u2019ll get your MP2 Savings account number and you can make your first deposit.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >How do I deposit to my MP2 Savings Account?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1672934892281\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672929523159\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>You can top-up your MP2 Savings account through a salary deduction, visit the nearest Pag-IBIG branch, or through Pag-IBIG\u2019s accredited partners.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672938256481\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>OFWs can use a secure money transfer app like Kabayan Remit to <a href=\"https:\/\/kabayanremit.com\/help-center\/what-bills-can-i-pay-for\/\">send funds to Pag-IBIG<\/a>. All you need to do is follow the steps listed <a href=\"https:\/\/kabayanremit.com\/help-center\/how-to-pay-bills\/\">here<\/a>, and you can safely transfer your money within an hour.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1672929604175\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>To learn more about Kabayan Remit and how it can help you with your money transfers, please click <a href=\"https:\/\/kabayanremit.com\/\">here<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>While setting money aside in a savings account is a good idea, it may not be enough to pay the bills once you need to and everything\u2019s become more expensive. This is why it\u2019s important to make your money grow. Luckily, there are two government-guaranteed programs for Filipinos looking to increase their savings with minimal risk: Pag-IBIG Regular Savings and MP2 Savings.<\/p>\n","protected":false},"author":5,"featured_media":2827,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[100],"class_list":["post-2824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-mp2-savings"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MP2 Savings &amp; Pag-IBIG - Grow your wealth in the Philippines<\/title>\n<meta name=\"description\" content=\"Grow your wealth in the Philippines with MP2 Savings and Pag-IBIG accounts. These government-guaranteed programs offer minimal risk.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kabayanremit.com\/blog\/finance\/mp2-savings-and-pag-ibig\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MP2 Savings &amp; Pag-IBIG - Grow your wealth in the Philippines\" \/>\n<meta property=\"og:description\" content=\"Grow your wealth in the Philippines with MP2 Savings and Pag-IBIG accounts. 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