When we were kids, we have taught to save money from our school allowances. Our parents introduced the coin/piggy bank and we are unaware that we already learned to budget our money at a young age. Now that we are grown up, are we still into saving? Our government offers many ways to save and invest our earnings with good dividends. One of the recommended saving schemes will be shared.
What is Modified Pag-IBIG II (MP2)
Modified Pag-IBIG II (MP2) is a saving scheme of Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industria at Gobyerno (Pag-IBIG), which is one of the Philippines government division that caters Filipinos for home development needs. It is entirely voluntary, flexible, and with higher dividends than most of the time deposits around. You can start by saving 500php a month.
MP2 is different from the regular membership. Being a Pag-IBIG member allows you to have a housing or short-term loans, and a pension plan by paying a contribution per month. An MP2 is purely 5-year savings with high dividend (you can say this as a time deposit).
What are the Requirements
The main requirement is you must be a Pag-IBIG member or a former member who still has a monthly income/pension with at least 24-month contributions. If you’re not a member yet, you can register online here. You can have your Pag-IBIG member ID in an instant. And now that you are an official member, don’t forget to pay your monthly contribution.
How to Start Register
There are two ways to register for an MP2 account.
- Go to the Modified Pag-IBIG 2 Enrollment Enrollment System and fill the form. The next page would be about your employment status and your desired monthly deposit amount.
- Once done, a confirmation message/email will be sent to you that may contain additional instructions.
- For your first deposit, you need to visit the office personally for authentication and record. Bring a government-issued ID (with photocopy) and the passbook or ATM card of your nominated bank (this serves as the destination of your savings at maturity; optional).
- You will need to deposit the amount you have stated in your application form, or more than if you desire to.
Via the Office
- You can sign up a form in the Pag-IBIG branch near you, or you can download and print the form for faster transaction. Bring it with a government-issued ID (with photocopy) and/or your savings bank account just in case they will ask for it.
- You will be asked to deposit now or later. Best to start saving now.
How to Start Saving
Your deposit for the succeeding months is entirely up to you where you drop it. Here are the deposit options:
Over the Counter
- Go to any Pag-IBIG office branch. Bring your previous receipt (and valid ID cards just in case it will be asked) and deposit straight to the cashier.
- Go to any Bayad Centers or SM Business Centers
- How much can I deposit? 500-10,000php per month
- What is the interest rate? 5-8% per annum
- How long is the term? 5 years
- Can I withdraw anytime within the 5 years? Yes, but for some valid reason only: unemployment, sickness, etc.
- Is there other payment methods I can use? Please check here.
- Is there anything else I need to know? Please check here.
Saving money is so easy. Discipline is the key.