The Pag-IBIG Fund, formally known as the Home Development Mutual Fund (HDMF), is a government agency in the Philippines established in 1978. Its primary aim is to provide affordable housing financing for Filipino workers, regardless of whether they are in the public or private sector. The fund serves as a financial safety net that promotes savings, loans, and insurance coverage for its members.
MP2 Savings Program
The Modified Pag-IBIG II (MP2) Savings Program is a voluntary savings program designed to provide additional savings options for Pag-IBIG Fund members. It is aimed at helping members grow their savings through higher dividends than the standard Pag-IBIG savings. The MP2 program is open to members who want to invest their excess funds and prepare for future financial needs.
Purpose and Benefits
- Higher Returns: Members of the MP2 program enjoy higher dividend rates compared to the regular Pag-IBIG savings. This makes it a more attractive option for those looking to grow their savings.
- Tax-Free Earnings: The dividends earned from the MP2 savings are tax-exempt, which means that members can retain the full amount of their earnings without tax deductions.
- Flexible Savings Term: The MP2 program offers a flexible saving term of five years. This allows members to plan their finances according to their personal goals and timelines.
- Shorter Contribution Duration: Members can contribute in as little as PHP 500 per month, making it accessible and manageable for individuals at different financial stages.
- Accessible to All Members: The MP2 savings program is available to all Pag-IBIG members, including those who are already retired, making it a valuable opportunity for a wider audience.
- Easy Withdrawal Process: At the end of the five-year term, members can easily withdraw their savings along with the accrued dividends, providing a significant boost to their financial resources.
- Financial Security: By participating in the MP2 program, members can enhance their financial security and prepare for significant life events, such as retirement, education, or major purchases.
The Pag-IBIG Fund and its MP2 Savings Program serve as a vital tool for Filipino workers to secure their financial future while benefiting from higher returns on their savings. By promoting a culture of saving and providing access to affordable housing, Pag-IBIG is instrumental in enhancing the quality of life for its members.
This guide will outline the steps to open a new MP2 savings account. Before enrolling in the MP2 program, you must have a Pag-IBIG Membership ID number.
1 Visit the Pag-IBIG Website: Go to the official Virtual Pag-IBIG website – MP2 Enrollment page using this link, Virtual Pag-IBIG – MP2 Savings.
2 To open an MP2 Savings Account, you must validate first your Pag-IBIG Membership ID. Fill up the following details and tap the VALIDATE button.
- Membership ID Number
- Last Name
- First Name
- Date of Birth
3 A pop up message will appear. Choose your membership classification from the list and click the CONTINUE button to proceed with your enrollment.
- Active
- Pensioner
- Former Natural-Born Filipino
- Others
4 A new window will open and it will show if you are eligible to open a new MP2 Savings account.
To continue with your enrollment, enter your mobile number and email address. Then, tap PROCEED button.
A pop-up message will appear asking if you are ready to open a Pag-IBIG MP2 Savings Account. Click Yes to proceed.
5 As a security measure, an OTP (One-Time Password) will be sent to the mobile number you provided in the contact details above.
Enter the 4-digit OTP number received and click the PROCEED button.
6 Carefully check the enrollment details to confirm that all information is accurate before proceeding.
For other information, it will show the following details
- Dividend Payout : Five-Year (End Term)
- Membership Classification
- Mode of Payment: Select the preferred mode of payment
- Salary Deduction
- Over-the-Counter
- Thru any accredited Pag-IBIG Collecting Partners (this includes Online/Digital Payment)
- Desired Monthly Savings: for minimum monthly savings, you can enter P500.00 but you can increase your savings as you wish
- Source of Funds
Below is the list of Source of Funds you can select from:
7 As a requirement for MP2 Savings enrollment, you are required to upload the following documents/photo:
- 1 valid ID with photo
- Selfie photo while showing the front of your valid ID
- Source of Fund/Proof of Income
Make sure that each file size is 3MB or below. And the images type accepted are jpg, jpeg, png, bmp and PDF file only.
Once you successfully uploaded all 3 images/documents, tap SUBMIT button.
If your application was submitted successfully, this message will appear with the tracking number.
To verify whether your new MP2 Savings account is ready for use, please log in to your Pag-IBIG Virtual account. Navigate to the MP2 Savings tab, where you will find your new MP2 Savings account number displayed. Initially, it will be marked as UNFUNDED, indicating that no deposits have been made yet.
To fund your newly opened MP2 savings account, please utilize the unique 12-digit number assigned to your account. This number is essential for ensuring that your funds are accurately directed to your MP2 savings. You have the convenience of making payments through popular platforms such as GCash, Maya, and other accredited payment partners.
Additionally, you can also utilize the Pag-IBIG Virtual Portal to make payments not only for your MP2 savings but also for your regular savings accounts and loans, Pag-IBIG online payment. This flexibility allows you to manage your finances with ease and ensures that you can contribute to your savings in a way that is most convenient for you.