QuestionsQuestions (CIRCULAR NO. 407)
The objectives are to provide flexibility and convenience for members in managing savings, and to allow members of a shorter savings scheme to potentially obtain a yield higher than Pag-IBIG Membership.
Voluntary membership applies to: (1) all Pag-IBIG I members regardless of monthly income; and (2) former Pag-IBIG I members or pensioners with other sources of monthly income and/or pension, regardless of age, provided they have at least 24 monthly savings prior to retirement.
Pensioners refer to those retired and receiving pension under specified laws including RA 8282, RA 8291, RA 660, RA 1616, RA 7699, PD 1146, PD 1650 (military retirement/separation), RA 8551, RA 9263, RA 9993, and RA 9946.
The member may contribute a minimum of ₱500.00, which is recorded as of the payment date.
The member must make the contribution via personal or manager’s check.
MP2 accounts are entitled to flexible dividend rates higher than Pag-IBIG I, which are declared after net income is computed and approved by the Board of Trustees.
The member may opt for either: (1) annual dividend payout; or (2) compounding of dividends.
Yes. It states MP2 savings and its dividends are government-guaranteed, meaning the program’s returns are backed by government guarantee under the program’s framework.
If not claimed upon maturity, it ceases to earn MP2-program dividends; subsequent dividends shall be based on Pag-IBIG I rates for the next two (2) years. Afterward, the account is reclassified as payable accounts.
Allowed grounds include: total disability or insanity; separation from service due to health; death of the member or immediate family member; retirement; permanent departure from the country; distressed member due to unemployment limited to layoff/closure; critical illness of the member or immediate family (cancer, organ failure, heart-related illness, stroke, neuromuscular-related illness) certified by a licensed physician subject to approval by DCEO-Member Services Cluster; repatriation of OFW member; and other meritorious grounds approved by the Board.
Allowed grounds include: total disability or insanity; death of the member or immediate family member; permanent departure; critical illness of the member or immediate family (cancer, organ failure, heart-related illness, stroke, neuromuscular-related illness) certified by a licensed physician subject to approval by DCEO-Member Services Cluster; and other meritorious grounds approved by the Board.
The member is entitled only to 50% of the total dividend earned as penalty for pre-termination.
The member shall only receive his/her contributions.
Compounding: member receives Total Accumulated Value (TAV) at end of five (5) year term, comprising contributions plus corresponding dividends. Annual payout: member receives annual dividends credited to an account; contributions are released at end of five (5) year term.
The dividends are treated as Accounts Payable which can be withdrawn anytime.
The member must pre-terminate the existing MP2 account and enroll under these Guidelines.
They must apply for a new MP2 account through renewal.
Yes. Multiple MP2 accounts are allowed provided the member registers each account separately.
MP2 is solely a savings scheme; hence members under the program are not entitled to avail any Fund lending programs unless they are also active members under Pag-IBIG I and meet the Fund’s eligibility criteria.
It includes: spouse, parents, children, siblings, grandparents, and grandchildren. Legally adopted children are included only insofar as applications for withdrawal of savings of their adoptive mothers or adoptive fathers are concerned.