Why I Started Saving on Modified Pag-IBIG II (MP2) Program

After figuring out the why and how-to save on Modified Pag-IBIG II program of Pag-IBIG, I started saving on MP2 while working overseas. I am happy and proud to say that the entire process were done online.

The MP2 is an easy way for OFWs to save from abroad apart from the monthly contribution to Pag-IBIG as a member. Since I consider MP2 as a great way to save, it might suits your financial goal but before applying for MP2, let’s do a quick brush up of the program and its benefits.

What is Modified Pag-IBIG II (MP2) Program

Here’s a definition of term straight from Pag-IBIG:

The Modified Pag-IBIG II (MP2) Program is an additional and voluntary five (5) year savings facility being offered by HDMF to its Pag-IBIG I members that will provide them with a yield higher than their Pag-IBIG I membership.

I don’t want you to confuse MP2 with being a Pag-IBIG member. MP2 is entirely for saving money with added bonus through flexible dividend rate. While if you become a Pag-IBIG member, you can apply for a housing loan and save for retirement through the monthly contribution.

Buying a house and saving for retirement are two of my goals. Wouldn’t it be nice to save more without all the risk and volatility of stocks and other assets?

That’s where the Modified Pag-IBIG II Program comes in.

Who are Qualified

The member of Pag-IBIG and with a monthly salary of more than Php 5,000.00 can apply for the MP2 program. Applicants include OFW Pag-IBIG members.

Why Should You Save on MP2 Program?

By now, I think you have made up your mind to sign up for the program because it’s an easy investment for five years. After that it’s up to you to invest it for another five years or withdraw. (Then go for a cruise if that is meant to be the travel fund.)

You can have a look for more information about MP2:

  • Read the FAQ which is not that long.
  • Read the FAQ in Tagalog. (Napakahalagang basahin ito.)

The minimum contribution is Php 500.00 per month. Increase it to Php 1000.00 the next month or skip the next contribution. Or pay once for the entire year. It’s all up to you.

Here’s a table to give you an idea of how much your savings can earn at 5.5% and 7.43% annual dividend rate.

MP2 Annual Dividend Rate

Whatever amount you want to save, make it happen. Put the money in the bank. (I mean in your MP2 account.)

Here’s more information while having a good laugh from Wealth Arki.

The hosts are Rienzie Biolena and Fitz Villafuerte, who is my favourite pinoy personal finance blogger. Because I no longer watch TV (it’s not an uncommon habit for OFW), I have time to watch and learn for free. Recommend your favourite personal finance YouTubers and I’ll add it on my subscription.

How to Enroll and Pay in the Modified Pag-IBIG II

You can sign up online through the MP2 Enrollment System or download the enrollment form. After the online registration, you’ll have an MP2 Account Number. Print and take the registration form to the Pag-IBIG branch to start remitting.

For OFWs, you can register online and ask your relatives to pay on your behalf. Or pay through the Overseas Remittance Partners Abroad using the MP2 Account Number:

  • Philippine National Bank (PNB)
  • Asia United Bank (AUB)
  • I-Express Remit Mo Sa Pag-IBIG
  • I-Text Mo Sa Pag-IBIG
  • I-Remit Ventaja (including PayPilipinas)

because I’m a huge fan of online transaction, I pay the online MP2 contribution through PayPilipinas. It’s not the best option but I’ll stick to it for now.

When Can You Withdraw the Savings

The maturity date is every 5 years. You have the option of continuing the MP2 membership to let the savings compound or withdraw the total savings.

Within that period, you can only withdraw the money in any of the following events:

  • Total disability or insanity
  • Job loss due to sickness
  • Death

The best thing to do is not to invest the money in MP2 that you’ll need in less than five years.

Within this period, the savings is safe from any impulse buying of latest gadget or airfare ticket that is ridiculously cheap making it insane to let it pass. (The future me we’ll be happy if I ignore it in the present.)

How to Check the MP2 Contribution

After saying the good things about MP2, I hate to say that it comes with a flaw. You cannot check the online record of MP2 membership unlike the Pag-IBIG contribution.

Regardless of how you pay, the only proof of payment is the receipt. Keep it somewhere safe. It may come in handy should there be any issues of withdrawing the savings at the maturity date.

Another option is to request a copy of record in the Pag-IBIG office or through email. Without a choice, I did the latter and waited two months to get the Employee’s Statement of Accumulated Value (ESAV) for Modified Pag-IBIG II.

I’m glad to get my dividends for Pag-IBIG membership but where’s the dividends for MP2?

This made me think of whether should I invest more in MP2 Program. But I’m certain that I’ll continue paying my Pag-IBIG contribution to avail house repair loan.

Final Thoughts

The Modified Pag-IBIG II is a simple way to save for Filipinos especially for those who work in the Philippines. As for OFWs, remitting might take some of your time but working abroad means higher contribution and earnings within 5 years.

Wherever you are, find out if MP2 is the right saving strategy. This could take up 10% or more of an investment portfolio; consider your age, return of investment, and risk tolerance.

What I’m interested to know if someone already withdraw their MP2 savings. If that’s you, share the journey in the comment.

Will you save through MP2? If not what other ways of saving or investing are you considering.

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About Pwede Padala Gal

Pwede Padala Gal loves to share tips on how to save in Canada and the Philippines. Someday she'll finally teach her Aspin at least one dog trick and keep a cactus alive. Chat with her on Facebook and reddit.


  1. Cha Guadalquiver Cambe says:

    Why MP2 and not Flexi-Fund or PESO Fund of SSS?

  2. Xyrus C. Rodriguez says:

    Good day.
    Is it possible to withdraw the money I had invested on the MP2 program even if it has not covered the 5 year maturity period. For example, I invested last 2015 and I want to withdraw it this year due to emergency reasons? If yes, is it possible to withdraw a portion of it, which means around 25% to 50% of the total amount I invested?

  3. Curious ako dun sa mga naka withdraw ng mga savings nila. Pati na din sa kung okay yung pagkuha nila ng dividend per year.

    • Pwede Padala Gal says:

      The dividend will be added to the contribution of the member. After 5 years, the member can withdraw the contribution plus the dividends.

  4. Hi,

    Thank you for your very informative post. I do have a question though. I’m an OFW here in Dubai and was able to do the online enrollment. Then, I had spoken to a chat support from Pag-Ibig and they advised me that as of the moment they only accept payments thru G Cash and over the counter. So I’m kind of confused now. Pwede po ba ako mag remit sa mga participating partners ng Pag IBIG using my MP2 account number? Kailangan pa po ba i print ang form at i submit sa branch bago mag remit?

    • Pwede Padala Gal says:

      Hi Chris. I don’t think you can remit to your MP2 account and I haven’t tried paying through G Cash. Through PayPilipinas, I paid online once. For succeeding payment, I will probably ask a relative to pay on my behalf by transferring funds from my PNB Savings account which I opened in Canada.

  5. Hi,

    I also have an MP2 acount and have been paying through PayPilipinas. A few months ago, I requested statements for both my Pag-Ibig and MP2 accounts and they sent me the statements. However, I noticed that the dividends for both accounts are the same when they (Pag-ibig) say that MP2 is supposed to have a higher dividend rate that Pag-Ibig I. I sent an email asking about this issue but alas, I have not receive any reply from them.

    Is it the same for you? Or do you have any idea about this issue? TIA.

    • Pwede Padala Gal says:

      Hi Yumi. I too requested for Employee’s Statement of Accumulated Value both for Pag-IBIG and MP2. My MP2 doesn’t have a dividend. Not sure why but probably because I contributed in December. I’ll see if I will gain dividends for this year. As for Pag-IBIG, it isn’t clear how much is the rate. It would be easier if the statement shows the summary of contributions, rate, and dividend for EACH year. I hope you’ll get a reasonable response, and do share it with us. Thanks.

  6. Pwede po gcash. Yun ginamit ko 🙂

  7. I tried paying my MP2 thru Gcash, and verified if it went through by checking my payment history at PAG-IBIG Branch. It works! I noticed that the convenience fee of Php5.00 is being added to the total amount paid so basically, the fee is waived 🙂 Also, if you pay via Gcash for example on May 2nd, it will be posted on your account by May 31st. So you could basically pay for how many times within the same month and it will be posted altogether by the end of month.

    Note: Make sure you use your MP2 account number when paying thru Gcash so it’ll go to MP2 instead of the regular PAG-IBIG savings you already have.

  8. boydreamer says:

    I read some blog, and the best to pay your MP2 is via Pag ibig branch or Gcash. Discourage some people to pay online coz there are cases it will not reflect under your MP2 but to your normal Pagibig contribution.

  9. Kathleen says:

    Pag nagregister online and successful naman. Pwede naba agad mag magbayad thru Gcash?

  10. Hi. Did you use rge GCash app or via *143 and choose the Gcash option?

  11. May exit fees po ba ang MP2?

    • Pwede Padala Gal says:

      I don’t think so pero hindi mo basta basta mawiwithdraw unless you meet certain conditions. The best thing to do is to save on MP2 the extra money for retirement and not as an emergency fund.

  12. Lailah Bazar says:

    Is it true that retirees can now enroll in MP2?

  13. Very informative post. Ask ko lang po if the interest rate is compounded annually? Not sure if tama yung computation ko pero it seems off yung computation nila sa total amount na makukuha mo after 5 years. Do they apply the interest rate on the principal only or sa total value ng principal at interest rate compounded annually? Many thanks!

    • Pwede Padala Gal says:

      That’s the same question I have Elmer. My Employee’s Statement of Accumulated Value (ESAV) for Modified Pag-IBIG II doesn’t show the dividends maybe because I started in December last year. I’ll update the post for any added information once I requested another ESAV.

  14. Hi, I wonder how Pag-IBIG invests the MP2 funds to generate income just like a mutual fund that is managed by a fund manager…and how the investment is allocated among stocks, bonds, etc.

    • Pwede Padala Gal says:

      That would be a great information to have if only it would be disclosed. I would like to treat it as a small portion of secured long-term investment in my portfolio so I don’t have to worry about technicalities and management.

  15. Hi, pwede po ba magtanong kung pwede po bang yearly lang ang hulog sa MP2. For example mag remit ako this month ng 10k at next year naman ulit ang next remit ko ng 10k. Pwede po bang ganun ang hulog. Salamat po sa reply.

    • Pwede Padala Gal says:

      Pareho tayo ng plano Mardz. Maliban sa MP2, patuloy din dapat ang paghuhulog mo sa Pag-IBIG kaya tama lang din na yearly kang maghulog o kaya naman kung kelan ka magkaroon ng extra fund for investment.

  16. Good day. Thank you for your informative post. I already enrolled online for MP2 but I want to change the monthly contribution from 2000 to 3000. How can I do this? I already have the form but I haven’t started remitting yet. I plan to deduct it from my monthly salary. Also, how do I request for a copy of my Employee’s Statement of Accumulated Value (ESAV)? Thank you!

    • Pwede Padala Gal says:

      For OFWs, we can pay any amount that we want. As for employees, you should ask the HR department. You can email Pag-IBIG to get a copy of your ESAV both as a regular member and MP2 member.

  17. Hi po! Clarification lang kasi my MP2 po ako and kakastart ko lang last January ofw din po, kelangan po bang ipagpatuloy parin yung paghuhulog sa Pag-IBIG I o ok lang po na MP2 na lang? Salamat po sa pagsagot.

    • Pwede Padala Gal says:

      You have to continue paying Pag-IBIG I Ysa since MP2 is optional. Pag may extra cash, pwedeng ihulog sa MP2 para maiwasang magastos sa emergency outing or YOLO activities. 🙂

  18. Jessieca Viaña says:

    Question po. Posible po ba na pwede na ako mismo magparegister sa partner ko na nasa ibang bansa?

    • Pwede Padala Gal says:

      Possible Jessieca. Kung nasa iyo lahat ng impormasyon na kakailanganin mo sa pagregister kasama na dyan ang pagbukas ng email niya.

  19. Within that period, you can only withdraw the money in any of the following events:

    Total disability or insanity
    Job loss due to sickness
    Death… at first I’m interested to get mp2 then while I read this paragraph I feel bit disappointed so what if I want to withdraw my investment without meeting the following criteria above?

    • Pwede Padala Gal says:

      MP2 is meant for long-term investment. Might as well try money market fund or put your money in a hight-interest savings account. Allocate what is for savings and investment.

  20. istoryahee says:

    Can I ask po… after online registration, agad agad po bang ma-generate yung MP2 account number? Or is the number advised only via email a few minutes after? Mali kasi yung email address ko na naka-indicate sa Pag-Ibig at hindi ko yata sya ma-edit. Thanks po.

  21. Hi,

    Few clarifications lang po sana.

    1. I enrolled online today. I got the enrollment form with the MP2 account. Pwede na po ba ako maghulog agad sa MP2 account o kelangan ko pang ibigay sa Pag-ibig branch ang form before I can start my remittance.

    2. Separate remittance po ba ang contribution ng MP2 at Pag-IBIG 1?

    Thanks and God bless.

    Buen – OFW

    • Pwede Padala Gal says:

      Pwede ka na magbayad agad Buen. Since I’m an OFW, I use PayPilipinas to pay online or ask your relatives to pay on your behalf in the Philippines through the Pag-IBIG branches. Magkahiwalay ang pag-remit sa MP2 at Pag-IBIG I.

  22. Hi, I just enrolled today. So I already have a form with me, and kailangan ko nalang ipasa sa HR. But my question is: is it possible na hindi ko siya ipasa sa HR (no auto deduction from my salary) and pay it on my own nalang so that I can decide how much yung gusto kong ihulog per month? Voluntary kumbaga. Not fixed amount.

    Or I can pass it through sa HR, magdededuct sila sa salary ko and on top of that, is it possible if I will pay on my own ADDITIONALY whenever I have extra money?

    Btw, just want to share also this great app MONEYGMENT. Been using it for few months already and MP2 payment is available in there. You may want to review it as well. It’s a great app specially for OFWs. Its an app for all government payment.

    • Pwede Padala Gal says:

      I’m not sure Lala but I think you have to pay on your own for MP2. It’s easy to apply online or sa Pag-IBIG branch. Pwede kang magbayad sa mga bayad center kahit magkano at kahit kelan. I’ll have a look at Moneygment app. Were you able to use it to pay bills etc.? And thanks for the tip.

Reminder: For clarity, don't use shortened words similar to text messages. Let's have a better communication. (And oh, comments will be edited or deleted.)

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