How to Open a Pag-IBIG Fund MP2 Savings Program Account

As of February 2025, the dividend rate of the voluntary MP2 savings is at 7.10% per annum in comparison to the 6.60% per annum of the regular savings.

According to a report, 1.3 million Pag-IBIG members are now part of the Pag-IBIG Fund MP2 Savings Program. This voluntary saving program has been very enticing for Filipinos, especially for those who want to earn higher dividends. It also helps that these dividends are tax-free.

Anyone who is an active Pag-IBIG Fund member can be part of the program, as well as those who are former members with a source of monthly income. Pensioners, regardless of age, are likewise eligible, but they must have at least an equivalent of 24 monthly savings.

Opening an account is straightforward and can be done online. Here’s a quick guide on how to open your very own Pag-IBIG Fund MP2 Savings Program account.

How to Open a Pag-IBIG Fund MP2 Savings Program Account

Before even starting the online application process, an applicant should ensure that the following requirements are already in hand:

Pag-IBIG Membership ID (MID) Number
A valid ID (list of accepted IDs can be found here)
Selfie photo (must show the ID card)
Proof of income or source of fund
Philippine passport (for former natural-born Filipinos)
Certificate of Reacquisition/Retention of Philippine Citizenship (if applicable)

Once those requirements are complete, applicants can head to this link to begin their online application for the MP2 Savings Program.

Once an applicant’s account reaches maturity, there is an option to reapply for a new MP2 Savings Account. An eligible Filipino can also have more than one MP2 Savings Account.

How to Pay for Pag-IBIG MP2 Savings

There are four ways account holders can pay for the Pag-IBIG MP2 Savings, which are as follows:

Salary deduction, for those employed
Over-the-counter via any Pag-IBIG Fund branch
Accredited collection partners
Online via the Pag-IBIG website (payments can be made through bank/debit card, GCash, or Maya)

Other Important Things to Know

There is a minimum MP2 savings, which is PHP 500, but there is no limit as to how much you can save. However, according to Pag-IBIG’s FAQs, for those who wish to save an amount that exceeds PHP 500,000, the amount can only be remitted via personal or manager’s check. Account owners also have the option to have one-time savings under this program.

It should be noted that the MP2 has a five-year maturity. Savings can be claimed anytime upon its maturity. Those that are unclaimed can continue to earn dividends for up to two years. However, this will be based on regular Pag-IBIG Savings Program’s rates.

While it is possible to withdraw the savings prior to its maturity, it can only be done so under any of the following conditions:

Total disability or insanity
Separation from service by reason of health
Death of the member or of any of his/her immediate family member
Retirement (except when the MP2 Saver is already a retiree)
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 member, as certified by a licensed physician (subject to the approval of Pag-IBIG Fund)
Repatriation of an Overseas Filipino Worker (OFW) member from host country
Other meritorious grounds as may be approved by the Pag-IBIG Fund