Way back in December 2020, I opened my first MP2 account to test how easy it was to apply and make a claim once the fund reached maturity. I only opened one account just to see if it actually worked — and I regretted that decision.
This blog post details my experience from opening the account to claiming my money, and why I regretted that choice.
Account Opening
If you have a Pag-IBIG online account, all you have to do is to enroll for an MP2 account. It’s a lot easier if you know your Pag-IBIG MID number, other details and an online account so you can track your savings. It is quite a straightforward process.
For more details, you may refer to my blog post written in 2020.
Saving
I normally transfer my payments once a year rather than adding funds every month. I find this approach easier and more convenient. Just make sure you set a reminder (for example, an alarm on your phone) so you don’t miss a payment.
Funds Withdrawal
In the overall process from opening to withdrawal, I think the tricky part is the withdrawal since I reside abroad. If you live in the Philippines and has the Pag-IBIG Loyalty Card, it is much more easier. If you are residing abroad, then continue reading this post.
When my MP2 account reached its maturity (5 years), I started to research how to claim the funds. To be fair, it was quite a straightforward process but the application form and the way to claim the cheque were the tricky parts.
- Complete the application form: Unfortunately, the form isn’t user friendly and lacks clarity. My application was rejected twice because I filled in sections I’m not meant to. If you can collect the cheque in-person, do not fill in these 2 sections: Authority to Transfer and Authority to Credit.
- A scanned copy of your valid ID: I scanned and submitted my Philippine passport for this.
- A selfie photo holding your valid ID.
Once all of the above have been prepared, proceed to the online Pag-IBIG Platform where you can upload all the evidences required. Follow the instructions and once everything has been successfully uploaded, submit your claim. You can also monitor the status of your MP2 claim on the same website.
I’d like to highlight the importance of using your Philippine contact number on the form so you can receive text updates about claiming your cheque. I entered my UK contact number and never received any updates.
Fortunately, I was in Davao City two weeks after submitting my application and was able to visit the main Pag-IBIG branch. I managed to claim my cheque within 20 minutes without any issues.
Don’t forget to bring a valid ID when claiming it.
Was it worth saving on an MP2?
If you have extra money that you want to grow over time, then yes — it’s definitely worth it.
I started MP2 in 2020 and contributed ₱1,000 per month. After 5 years, I had saved ₱52,000 and claimed ₱66,070.85. That’s a 21.3% return in five years which is not bad for a passive income.
Of course, the more you save, the higher your potential earnings.
Why Did I Have Regrets?
I should have opened multiple accounts (for example, one every six months) so I could withdraw funds every six months after the first five-year maturity period.
Instead of spending money mindlessly on things I didn’t really need, I could have saved more.
But it’s a realization I’ve had recently — and the good thing is, it’s never too late.
