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Today I want to share one of my saving or investment that I recently added to my "Tipid or Ipon" (Savings) list for my future of course. Maybe you have heard about this Pag-ibig MP2 Savings, I have just started with it last year before the lockdown.
What is Pag-ibig MP2 Savings? MP2 Savings program is a voluntary savings open for Pag-ibig members in addition to it's Regular Savings which earn higher dividends. The program is open to all members of Pag-ibig fund and/or Pensioners regardless of age with at least 24 monthly regular savings prior to retirement. It's a 5 year term savings that yield higher interest, and like the SSS Peso fund (which I also have) it is also tax-free. According to Pag-ibig the average dividend rate for the past 3 years is 7.65%.
How to open or apply for Pag-ibig MP2 Savings? You can register online through their website. https://www.pagibigfund.gov.ph/Membership_ModifiedPagIBIG2 or you can submit a duly accomplished form to any Pag-ibig fund office.
What are the requirements? Aside from being a regular savings member, you will be asked to provide a Valid ID. The can also find the list of valid IDs that you can present on their website.
How much can I save in the MP2 Savings? You can save as low as P500.00 per remittance.
Where can I remit my MP2 Savings? There are 3 ways: you can do it via Salary deduction (you should inform / make arrangements with your employer); at any Pag-ibig branch; and thru Pag-ibig accredited collection partners.
My story:
Since I am new to this program, I just want to share my short experience about this. I registered online last March 2020. You will be provided with a MP2 account number (please note this is different from your MID), once you have the number you can start remitting already. I made my first remittance of P500.00 at Bayad Center with a convenience fee of P7.00 (last March 2020). Then came the lockdown, so for April and May I was not able to remit. When I returned to work in June, I started remitting again. But the problem I encountered was - Bayad Center is always offline, so I called Pag-ibig hotline and inquired about other options on how to remit money since I cannot do an over the counter remittance since I have a day job. And who would have the guts to go to other places in the time of pandemic? Good thing GCash also accepts MP2 Savings remittance with convenience fee of only P5.00. So from September last year I started remitting thru GCash. Aside from the lower convenience fee I can do it anytime, any place - even in comfort of my home. I was not able to complete the 10 months remittance for last year, this 2021 I decided to save P1,000.00 per month. Praying that next year I can level up and increase my savings. (*wink).
Last month I also registered to have a Virtual Pag-ibig account, now I can view my regular savings (contribution) and of course MP2 savings. You can also see the balance of your loan if you have an existing loan with them. Yes, anything that is related to your Pag-ibig account you can see it there. Since the pandemic, we do all things online so might as well join the bandwagon to be more safe. Remember it's better to be safe than sorry.
Well, I do hope this helps... Let's start saving! If I run into any updates about this program, I will try to share it again.
xo,
Chiq♥
*Reference: Pag-ibig MP2 website
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