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How I Opened MP2 Online [Pag-IBIG MP2 Online Application]

Are you interested in how Pag-IBIG MP2 online application works?

With inflation lowering the purchasing power of peso, more and more Filipinos are interested in saving money outside of banks. The MP2 savings program is a popular savings program that’s government-guaranteed.

In this post, we share about our own experience in opening a Pag-IBIG MP2 savings account. You’ll also read more about the Pag-IBIG MP2 requirements and how to have MP2 savings online.

Let’s dive right in!

What’s Pag-IBIG MP2?

Pag-IBIG MP2 Savings is a special savings facility with a 5-year maturity.

It’s exclusively for Pag-IBIG Fund members and former members who are pensioners and retirees.

Most Filipinos open an MP2 savings account to save more money for their goals and potentially earn even higher dividends compared to the regular savings program.

Unlike savings accounts in banks, Pag-IBIG MP2 is not ideal for emergency fund or short-term savings. It’s a perfect investment if you have a financial goal that’s 5 years or so. 🙂

What are Pag-IBIG MP2 Requirements?

pag-ibig mp2 online application

Here are the following requirements you need to prepare in opening Pag-IBIG MP2 online:

  • Pag-IBIG MID Number (12-digit MID)
  • Valid ID
  • Accomplished Modified Pag-IBIG II Enrollment Form (online)

How to Do Pag-IBIG MP2 Online Application

Want to open MP2 online?

It’s super easy to do it.

I applied for the first MP2 savings purely online back in 2020. Here is the step-by-step guide to start applying for the MP2 savings program online:

1. Open the MP2 Savings enrollment link

To start your MP2 online application, first you need to visit the Pag-IBIG MP2 application link at www.pagibigfundservices.com/MP2Enrollment

2. Enter your Pag-IBIG and personal details

You’ll be asked to complete the following information:

pag ibig mp2 requirements

  • Pag-IBIG MID Number (12-digit MID)
  • Last Name
  • First Name
  • Date of Birth (MM/DD/YYYY format)

Don’t forget to enter the CAPTCHA code. Then, make sure to click Submit.

3. Choose your Pag-IBIG MP2 payment details

Next, to continue your enrollment to MP2, you need to choose the following:

open mp2 online

  • Desired Monthly Contribution – How much you want to save every month
  • Preferred Dividend Payout – Do you want your dividends to be credited annually or after the 5-year term?
  • Mode of Payment – How will you remit your Pag-IBIG MP2 contribution?
  • Source of Funds – What is your main source of income?

After you’re done filling the info, click Submit.

4. Save your Pag-Ibig MP2 Enrollment Form

Next, Pag-IBIG’s online system will display your MP2 enrollment form. You can see your 12-digit MP2 Account Number in the upper right corner of the enrollment form, like this:

5. Make your first payment to your MP2 account

Your 5-year term will start on the day of your first payment.

You can choose from 3 modes of payment:

  • Salary deduction by your employer
  • Personally at any Pag-IBIG branch
  • Or through any accredited collection partner

How much is the minimum contribution for MP2?

The minimum MP2 savings is ₱500 per contribution.

Is there a limit to the amount I can save in MP2?

No, there isn’t any limit to the amount you can save in your MP2 account.

Take note that if your savings reach ₱100,000, you’re required to submit proof of income or sources of funds, such as:

  • 1 month latest payslip
  • latest tax returns (if self-employed)
  • bank statement
  • letter from donor
  • and others

Can I withdraw MP2 savings anytime?

You can withdraw your MP2 savings before its 5-year maturity, based on the following reasons:

For active Pag-IBIG members:

  • Total disability or insanity
  • Termination from employment due to health reasons
  • Retirement
  • Permanent migration to another country
  • Unemployment due to layoff or company closure
  • OFW repatriation from the host country
  • Death of the MP2 account holder, with the MP2 Savings to be received by the member’s beneficiaries
  • Critical illness of the MP2 account holder or an immediate family member, certified
    by a licensed physician, and subject to approval by Pag-IBIG Fund
  • Other meritorious grounds as may be approved by the Pag-IBIG Fund Board of Trustees

If you withdraw your MP2 savings before its 5-year maturity, you’ll receive half of the total dividend earned + your contributions (if you chose to receive dividends after five years) or only your contributions (if you chose the annual dividend payout option).

What is the interest rate of Pag-IBIG MP2?

For your guidance, you can see here the MP2 Savings Dividend Rates over the past 5 years according to Pag-IBIG.

  • Year 2021 – 6.00%
  • Year 2020 – 6.12%
  • Year 2019 – 7.23%
  • Year 2018 – 7.41%
  • Year 2017 – 8.11%

6% rate may be lower compared to other years, but it’s still higher than regular bank deposits and time deposits.

Final Thoughts on Pag-IBIG MP2 Savings

Overall, investing in the MP2 savings program of Pag-IBIG is a great way for you to regularly save money for your financial goals in the future: a car, a down-payment for a house, or even an international trip you want to do 5 years from now.

Since you’ll be contributing monthly, Pag-IBIG MP2 can even help you cultivate a savings habit.

The best part is it’s backed by the government, so you have the guarantee that you won’t lose your money.

Want more money-saving tips? Here’s a helpful guide on how to save money from your salary in the Philippines.

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