Here are the terms and conditions of Pag-IBIG MP2 Program that you need to read before investing.
1. The MP2 program shall be voluntary for the following:
- All Pag-IBIG I members, regardless of their monthly income: and
- Pensioners, regardless of age, with at least 24 monthly savings prior to retirement.
2. The enrollment under this program shall be solely a savings scheme.
3. The minimum savings is P500.00 which shall be recorded as ofpayment date. However, should I make a one-time contribution that exceeds P500,000.00, I shall be required to make such payment viapersonal or Manager’s Check.
4. The MP2 account shall be entitled to flexible dividend rates higher than that of Pag-IBIG I which shall be declared after the net income has been computed and approved by the Board of Trustees.
5. I may opt to have an annual dividend payout or compounded dividend earnings.
6. The membership term shall be five (5) years reckoned from date of initial payment of savings under this program.
7. Upon maturity, should I decide to continue my availment of MP2 program, I understand that I need to apply for a new MP2 account. If I did not withdraw upon maturity, I understand that my MP2 savings shall cease to earn dividend provided under MP2 program. Instead, its subsequent dividends shall be based on the rates declared for Pag-IBIG I for the next two (2) years. Thereafter, it shall be reclassified as payable account.
Read Also: Updated PAGIBIG Contribution Table 2018
8. Pre-termination or withdrawal of MP2 savings prior to maturity shall be allowed under any of the following circumstances, as applicable:
- Total disability or insanity;
- Separation from service by reason of health;
- Death of the member or any of his/her immediate family member;
- Permanent departure from the country;
- Distressed member due to unemployment limited to layoff and/or closure of company;
- Critical illness of the member or any of his immediate family members, as defined under pertinent Guidelines, as certified by a licensed physician under of the following categories, subject to approval:
- Organ Failure
- Heart-related illness
- Neuromuscular-related illness.
- Repatriation of OFW member from host country;
- Other meritorious ground as may be approved for by the Board; and
- Circumstances under Items 8.2, 8.4, 8.6 and 8.8 are exclusively applicable to Pag-IBIG I members.
9. Should I opt to pre-terminate my MP2 membership for reason other than those allowed, I understand that:
- I shall only be entitled to 50% of the total dividend earned as penalty for the pre-termination of MP2 savings; or
- If I opted for the annual dividend payout, I shall only receive my contributions.
10. In case of any change in information, I shall accomplish the Member’s Change of Information Form (MCIF) and immediately notify Pag-IBIG Fund.