Guide on Pag-IBIG MP2 Savings Withdrawal Before Investment Hits Maturity
PAG-IBIG MP2 SAVINGS WITHDRAWAL – The Fund allows the withdrawal of the savings before the 5-year maturity under these cases.
The MP2 Savings program of the Pag-IBIG Fund is gaining more and more popularity as members are excited to grow their savings. Under the five-year savings facility, your money can earn bigger dividends that those that you can get under the Pag-IBIG Regular Savings.
You can have the minimum amount of savings which is P500 every month. By doing so, you can already earn around P1,000 as dividends in a year. You can increase the amount of your remittance anytime you want in the pursuit of bigger dividends. The bigger your savings is, the bigger your dividends will be as well.
However, what happens in case you want a Pag-IBIG MP2 Savings withdrawal before your savings hit the 5-year maturity under the program? Under certain cases, the Fund allows the members to withdraw their Pag-IBIG MP2 savings.
However, it is important to know that the Pag-IBIG MP2 Savings withdrawal is allowed under specific cases only such as the following reasons:
For active Pag-IBIG members:
- Total disability or insanity
- Termination from employment due to health reasons
- Retirement
- Permanent migration to another country
- Unemployment due to layoff or company closure
- OFW repatriation from the host country
- Death of the MP2 account holder, with the MP2 Savings to be received by the member’s beneficiaries
- Critical illness of the MP2 account holder or an immediate family member, certified by a licensed physician, and subject to approval by Pag-IBIG Fund
- Other meritorious grounds as may be approved by the Pag-IBIG Fund Board of Trustees
For Retirees and Pensioners:
- Total disability or insanity
- Death of the MP2 account holder, with the MP2 Savings to be received by the member’s beneficiaries
- Critical illness of the MP2 account holder or an immediate family member, certified by a licensed physician, and subject to approval by Pag-IBIG Fund
- Other meritorious grounds as may be approved by the Pag-IBIG Fund Board of Trustees
How much will be released by the Pag-IBIG Fund to members who opted to withdraw their MP2 Savings prior to its 5-year maturity date? Here is a guide…
For members with compounded dividend payout on their MP2 Savings
- Principal MP2 Savings
- 50% of the total dividends earned from prior years
- 50% of the dividends for the current year, which shall be released after the dividends for the said year have been declared and credited
For members with MP2 Savings with annual dividend payouts
- Principal MP2 Savings, with 50% of the total dividends received from prior years to be deducted from proceeds
- 50% of the dividends for the current year, which shall be released after the dividends for the said year have been declared and credited
