Save More with Pag-Ibig MP2 Savings Program
Anna, Mar 28, 2022
Have you ever been wishing you could save more money? Tried savings but spent anyway? Luckily, the Philippine government has something in store for you.
Pag-Ibig Fund is a government-funded program with a goal of helping Filipinos invest more and learn financial principles. With many programs, they have the proper financial plan to meet your goals. A few of their programs are Pag-IBIG Housing Loan, Home Saver Program, Multi-Purpose Loan, and more.
In this article, we will be delving on their most effective program: The Modified Pag-Ibig 2 (MP2) Savings.
The Modified Pag-Ibig 2 Savings is a government-based program that grants 70% of its annual net income and credits it to its members’ depending on how much they have saved. This means the money you put in grows every year, making great passive income. This can come handy in emergency savings, such as when one loses a job.
This program is open to those who have already invested in another Pag-Ibig Program. The money put in the MP2 Savings will serve as additional income. Unlike its predecessor, Pag-Ibig Regular Savings, it is open to retirees who are former Pag-Ibig members and active members. With a guaranteed return rate, one can expect to earn more than they put in every year—making it an increasingly effective program.
To sign up, simply submit an MP2 application—along with your identification card and bank account passbook—at the closest Pag-Ibig Fund Branch. To access the application form, check out the Pag-Ibig Funds website.
Once a member, you must regularly save at least PHP 500 on your account for the next five years. Should the five-year contract end, you may apply for another MP2 savings account. You may have more than one Pag-Ibig account.
If you ever wish to cancel the program, contact your nearest Pag-Ibig branch.
Overall, the MP2 Pag-Ibig Program is a smart and safe investment. If you wish to learn more, check https://www.pagibigfund.gov.ph/Membership_ModifiedPagIBIG2.html.