This is my experience in opening my first Pag-Ibig MP2 account and I did it all inside a mall (SM), without going to a Pag-Ibig branch. Many of us are interested in saving and investing in a Pag-Ibig MP2 account but think it is a complicated process. My experience proved it is very easy to do and in less than 2 hours.
First of all, what is Pag-Ibig MP2? It is a special savings program by Pag-Ibig Fund that offers higher interest or dividends of up to 8%. Sa madaling salita, ang MP2 account ay parang time deposit ngunit mas mataas ang interest kaysa sa bangko. It is open to existing Pag-Ibig members, even if you are not active in paying your contributions – as long as you have a Pag-Ibig number. I did not even know what my Pag-Ibig number is!
Here are the steps I took to open a Pag-Ibig MP2 account and start saving.
Step 1: Go to a Pag-Ibig satellite office or main office – I went to the satellite office in SM Bacoor where all other express government services also have their kiosk. It is newly opened and I’m very thankful we now have this inside a mall. Google if you have a Pag-Ibig satellite office or express desk near your place.
Step 2: Fall in line and inquire – huwag mahiyang magtanong. I knew nothing at all how to apply and if I am eligible. I asked and the friendly staff looked up my name since I don’t even know my Pag-Ibig number. Please bring a valid ID and give it to the staff so they can easily confirm your identity and Pag-Ibig account.
The ma’am said that I do have a Pag-Ibig account from my first employer and even if I no longer pay contributions for so many years, I am still qualified to save in the MP2 program. Wow! I was asked for my email address and mobile phone number so they can send my MP2 account number after 48 hours.
Step 3: Wait for your MP2 account number. This is needed to make your contribution or to “deposit” the amount you want to save and invest in MP2. I waited for 2 days and on the 3rd day, I received a text from Pag-Ibig. It had my Pag-Ibig MP2 number. I replied to thank them for their help and that I will go back to them to ask for next steps just to be sure.
Step 4: Go back to Pag-Ibig satellite office – You may skip this step but since it’s my first time to make an actual MP2 contribution, I decided to go back to the Pag-Ibig express branch in SM. They also gave me a paper with my Pag-Ibig and MP2 details and taught me to go to the SM Bills Payment Counter where I should pay my MP2 Contribution. The minimum amount is just P500 to earn the annual interest. On the Bills Payment form, you should put your MP2 account number and not your Pag-Ibig number. Please remember this.
Step 5: Pay your contribution – I went to the SM Bills Payment counter, filled up a regular BPS (Bills Payment) form, and secured a receipt. Some cashiers may not yet know what MP2 is (in my experience, I showed the cashier my MP2 information sheet – the document that I received from Step 6), so if you have a question better direct them to Pag-Ibig to be sure. Please keep your receipt and take a photo of it. Since Pag-Ibig express and the Bills Payment where in one building, I went back up to SSS to show my receipt.
Step 6: Get confirmation of your MP2 Contribution (Statement of Account) – The staff were happy to see that I was able to pay at the Bills Payment counter. The ma’am took a photo of my receipt, the system automatically picks up contribution but she wants to help follow up so I can get my Statement of Account quickly via email.
Step 7: Keep your Statement of Account – After a few days, I received my MP2 Statement of Account. Hooray! Finally my account and contribution are legit. I filed them properly. When you need to make a new contribution, you can just follow steps 5-7. If you don’t want to “show” your receipt to a Pag-Ibig Kiosk, you can just email iog_tfssd @ pagibigfund.gov.ph.
Now I am determined to add to my MP2 account. For me it is a good investment if you want to save and earn better interest without so much risk. You can find other investing alternatives on my blog, just click on the Personal Finance category.
Thank you for reading and if you have questions, I will try to answer in the comments below. Disclaimer: I am just a regular person and not employed or paid by Pag-Ibig. This blog is based on my personal experience and other people’s experience could be different. I am saving so I can afford to send my child to school and college in the future.
