Save up with Pag-Ibig MP2

Hey, guys! Thanks for dropping by. Just wanted to share a better way to save money with Pag-Ibig this year and moving forward. I hope you guys will like it. 🙂

I knew last year can be tough for some people like me. We may not be able to make it last year, but I have something to share with you guys. If you’re not ready in saving up, I appreciate your time in checking this post, but I don’t think it’s for you. For those who have the willingness please read this through.
You might have been saving for a while, but always ending up with having very low interest with banks or most of the time withdrawing money from savings. This thing that I am going to share is something new to me and my friends. Maybe, this will be the first time for you as well. I wish you guys would try this.
Most of us think of going to the bank and deposit some money to save up(or open an account if you haven’t got one). But we usually have these reasons not to go there to deposit our money. We sometimes say: I’m sure the bank is already closed, it’s raining, I’ll go there when the rain stops, it’s too sunny I don’t wanna waste my sunblock, or I’m just lazy to get up. There are more reasons by us not to go to the banks for depositing. Admit it! Because those mentioned reasons are mine. Hahaha!
And by the way, the interests with bank deposits are not even encouraging. Right?
So I think it is nice for me to post this thing called Modified Pag Ibig II (MP2). Is there anyone of you who knows what it is or maybe tried this program? Kindly share some thoughts on our comment box if you do.

What is it? That is the question!

This is one of the programs that Pag-Ibig has implemented to give their members an opportunity to have a better way to save up! As mentioned, it’s for their members. So, therefore, you must have their standard monthly contribution. In this program, you can contribute monthly by depositing money using several payment methods like Bayad Centers and you can also request with your HR to have a monthly deduction. This monthly contribution is a must for 5 years. The minimum deposit is 500 and I believe the maximum is 5000 Philippine Pesos. It is more like a time deposit, but depositing of money is not being done once as this run monthly. According to Pag-ibig the current dividend for Pag Ibig I is 5% while Pag ibig II is 5.5%. Don’t let me explain math, as their table shown it’s definitely higher with banks:

 

What if? I cannot finish paying it in 5 years?
As per their FAQ, you can withdraw it before 5 years if the member was: totally disabled, unemployed due to sickness, deceased. The money will still earn interest for the time your money spent with MP2.
Already decided to join? PagIbig MP2 Enrollment Page.For other questions about the program, ou can check official site of Pag Ibig or their FAQs.
After registration you will get an MP2 account number that you can deposit with and a letter that you can print for auto deduction with your Employer. Hope this helps. Kindly share it to your friends and colleagues to open their eyes in saving. 🙂 Let us utilize this government program to effectively save money!

Written by

miely

Miely is a working mom that writes during free time about personal thoughts and experiences. She loves sharing things that may be useful for other people too.