Amended Guidelines for Modified Pag-IBIG II Program

Voluntary membership.
Open to all Pag-IBIG I members regardless of monthly income.
Former Pag-IBIG I members and pensioners with at least 24 monthly savings prior to retirement are eligible.
Pensioners include retirees receiving pensions under specific Republic Acts and Presidential Decrees related to social security, government service, law enforcement, judiciary, and military personnel.

Minimum contribution of P500 per month.
One-time contributions exceeding P500,000 must be paid via personal or manager's check.

MP2 accounts receive flexible dividend rates higher than Pag-IBIG I, declared after net income approval by the Board.
Members can choose annual dividend payout or compounding dividends upon application.
Savings and dividends are guaranteed by the government.
Unclaimed MP2 savings after maturity stop earning MP2 dividends, reverting to Pag-IBIG I rates for two years before reclassification as payable accounts.

Allowed before maturity under specific circumstances including:
- Total disability or insanity.
- Separation due to health reasons.
- Death of member or immediate family.
- Retirement.
- Permanent departure from the country.
- Unemployment due to layoff or company closure.
- Critical illnesses certified by physicians (cancer, organ failure, heart illness, stroke, neuromuscular illness).
- Repatriation of Overseas Filipino Workers (OFWs).
- Other meritorious grounds approved by the Board.
Pensioners have similar conditions minus separation due to health and retirement criteria.
Members opting for compounding who pre-terminate for reasons other than allowed grounds receive only 50% of total dividends as penalty.
Those opting for annual dividend payout who pre-terminate for disallowed reasons receive only their contributions.

Members with compounding option receive total accumulated value (contributions + dividends) after five years.
Annual dividend payout members receive dividends credited annually to their bank accounts; contributions released after five years.
Overseas members without a Philippine bank account have dividends treated as accounts payable, withdrawable anytime.
Members under prior Circular No. 276 choosing annual payout must pre-terminate old accounts and re-enroll.

Multiple MP2 accounts are allowed with separate registration for each.
MP2 is strictly a savings program; lending programs require active membership under Pag-IBIG I with eligibility.
Immediate family members for withdrawal purposes include spouse, parents, children, siblings, grandparents, grandchildren; legally adopted children for withdrawals by adoptive parents only.

Issues in interpretation and implementation are to be resolved by concerned officers.
Unresolved matters must be escalated to higher authorities.

Any conflicting memoranda, rules, or issuances are repealed, amended, or modified to align with these guidelines.

The guidelines take effect fifteen (15) days after publication in the Official Gazette or a newspaper of general circulation.