A Guide on How to Withdraw Your Pag IBIG MP2
In the Philippines, Pag-IBIG is one of the government agencies that offer assistance to its members in terms of housing loan programs, provident savings, and short-term loans such as calamity funds and multi-purpose loans. The Pag-IBIG MP2 program was launched in 2010. It is a voluntary savings program open to all active Pag IBIG members, pensioners, and retirees. It has many benefits, but one of its best features is the ability to withdraw your contributions and dividends when needed. This can be done using traditional or online transactions.
The first step in withdrawing money from your Pag-IBIG MP2 savings account is determining which withdrawal option is best for you. Currently, there are two options available for withdrawing money from your MP2 savings account: over-the-counter and online withdrawals.
Over The Counter Withdrawals
The most traditional way of withdrawing money from your Pag-IBIG MP2 savings account is to visit a Pag-IBIG Fund office in person. When you visit the office, make sure to bring a valid ID and fill out a withdrawal form before submitting it with your request.
Over-the-counter withdrawals may take up to five business days to process and incur a processing fee of one peso per thousand pesos withdrawn (e.g., if you withdraw 10,000 pesos, there will be a fee of 10 pesos).
Online Withdrawals
If you prefer not to visit Pag-IBIG office in person, then online withdrawals are another option for withdrawing money from your Pag-IBIG MP2 savings account. To do so, simply log into your Pag-IBIG Fund Member Portal and complete the required steps. You will be asked to provide some personal information before submitting your request. Online withdrawals can usually be processed within 24 hours and incur no fees or cha
You will be asked to provide some personal information before submitting your request. Online withdrawals can usually be processed within 24 hours and incur no fees or charges making this option popular among those who need their funds quickly or want to save on fees.
Here is a detailed guide on processing your online withdrawal:
- Log into Pag-IBIG Fund Member Portal and select “My Savings” under “Members’ Area” in the main menu.
- Select the “Withdrawals” page.
- Choose the “Regular/Ordinary Savings Withdrawal” option.
- Enter withdrawal details such as amount, purpose, etc.
- Upload supporting documents (if applicable).
- Click “Submit” button.
- Print out the confirmation slip.
- Go to any accredited payment partner outlet (i.e., BDO, PNB, or LBC Express.
- Show a valid ID and fill out the withdrawal form.
- Receive cash or check payment within 24 hours after submitting your request online.
Benefits of Withdrawing from Pag IBIG MP2
Withdrawing from the Pag-IBIG MP2 savings account entails simple steps as mentioned. However, it should be noted though that when you withdraw from your Pag-IBIG MP2 savings, you will receive your total contributions plus dividend returns. Dividends are computed based on the amount of money deposited into your account and the number of years that have passed since contributions were made. The dividend rate per annum varies each year. This implies that the more savings are accumulated and the longer it stays in your account, the greater is your potential return.
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