Nowadays, most people think that maintaining a savings account can be difficult or inconvenient, to say the least, because of the restrictions on travel and due to the uncertainty of employment across various sectors. However, this is not to say that having your own savings is impossible to do. For those who are currently employed, self-employed, or working overseas, there’s one great way to have a savings account and earn off from it: enrolling in the MP2 Savings Program by the Pag-IBIG Fund.
And if you’re wondering how you can continuously pay your account even without going to the bank or payment centers, especially these days, you can now conveniently make a payment on your MP2 savings account online using your debit/credit card. How convenient! Interested to learn more? Continue reading below.
Disclaimer: The information published is based on the experience shared by the vlogger/YouTuber. The information provided may change without prior notice and may differ in actual scenarios. Let this article serve as a guide only.
Check out this video shared by a Pinoy OFW in South Korea, Fermin Valdon, who maintains a YouTube channel to help OFWs have better financial literacy (OFW Power). If you find his tips helpful, you may check out his channel to catch more interesting content about savings, investment, and how to increase your earnings as an OFW.
Step-by-Step Guide on How to Fund Your MP2 Savings Account Online using a Debit Card or Credit Card
Paying for our purchases and transactions online is very important because of the convenience this offers. However, just because it is convenient doesn’t mean that it’s free of charge. To fund your MP2 savings account, a small convenience fee of 1.75% for each transaction you will make will be charged to your debit/credit card.
But compared to the earnings and benefits you will get from having this type of savings account, which, if you don’t know, offers at least 100x higher than the interest rates you can earn from keeping a savings account in any bank in the Philippines right now. Awesome, right?
Now, to start funding your MP2 savings account, you will need the following:
- your MP2 savings account number (this is different from the MID or P1 number)
- your Visa/MasterCard debit/credit card
- your mobile phone for verification purposes
- a working PC or laptop with a stable internet connection.
STEP 1: Go to the Pag-IBIG website at pagibigfund.gov.ph
STEP 2: Hover your mouse on the e-services tab to pull up a drown-down menu and click the online payment facility.
How to Check if Your MP2 Savings Account is Already Active and Can Be Funded Online
STEP 3: On the next page, under the Program Type option, click the drop-down menu and select MP2 Savings (Modified Pag-IBIG II)
STEP 4: Next, choose your membership category accordingly (local or overseas)
STEP 5: Provide your MP2 account savings number accordingly. Click Verify.
Note: Remember, your MP2 Savings Account number is different from the membership identification (MID) or P1 number so be careful.
STEP 6: Once you’ve clicked the Verify button, the system will check the records and fill out the rest of the fields IF the MP2 savings account number you entered is ACTIVE and ready to be funded.
How to Fund Your MP2 Savings Account Online
After you have verified your active account, you can then proceed to fund your savings account.
STEP 7: Fill out the rest of the fields such as the Modified Pag-IBIG II Savings (PHP) to pay. You can input here the amount you wish to fund your account. Remember, the minimum amount you need to put in here should be at least Php 500 or the amount that you indicated in the form, so this means that the minimum amount could be higher depending on what you indicated in your enrollment form. That said, you also have the option to fund your savings account with a higher amount, where applicable.
Tip: To maximize the dividends out of your savings, it is advised to always set the month covered to one (1) month or the current month you are funding your account.
STEP 8: After you have indicated the amount you wish to fund your savings account with, check the rest of the fields until the bottom part of the page. You will notice that the total amount to be paid has also been auto-populated with a small convenience fee included.
STEP 9: If you want to receive an SMS notification to confirm your deposit into your savings account, select the PREFIX option, and choose the first 4 digits of your number in the drop-down menu.
STEP 10: Alternatively, you can choose to receive an e-mail notification for your deposit by entering your email address after you have ticked the checkbox that says “I want to receive payment confirmation via e-mail”.
STEP 11: After that, type the Captcha code in the verification field at the bottom of the page and tick the checkbox that says “I Agree to the Terms and Conditions…” then click Next.
STEP 12: Confirm all the details that will appear on the next page. Once everything is in order, click Proceed.
STEP 13: On the next page, you will see the payment options to fund your savings account. Input your debit/credit card information, then select the option through which you wish to receive your payment confirmation: either through SMS or e-mail (similar to the previous page). Fill out the rest of the details needed.
STEP 14: Again, review all the detail on the page, especially your payment details then click Pay Now.
STEP 15: Go ahead with the verification process of your card.
Note: The verification process depends on the type of debit/credit card you will use.
STEP 16: After payment has been accepted, make it a habit to check your e-mail or SMS inbox for the payment confirmation every time you fund your MP2 savings account.
That’s it! Funding your MP2 savings account is now more convenient because of the online payment facilities made available to all members. Just make sure to follow all the instructions carefully and start earning from your savings today!
Do you already have an MP2 savings account? Did you know that this is an excellent way to set aside some of your earnings for your personal savings, and at the same time, it’s also a good investment to grow your money that would have otherwise remained stagnant had it been kept in the bank? Just give it a couple of years (5 years minimum) and see how your money grows by as much as 8%* annually! To learn more about the MP2 Savings Program by the Pag-IBIG Fund, click here.
* The dividend rates change every year, so make it a habit to check with Pag-IBIG for the exact amount by visiting their website at https://pagibigfund.gov.ph/.
Convenience Transaction Fee – 1.75% of the Total Paid Amount
Just a reminder to those who will make a Pag-IBIG payment transaction online that there is a transaction fee worth 1.75 percent of the total amount you will contribute. So if you are going to make a big deposit, personally, we would advise to find other means to make a deposit.
One way to make a contribution for one-time big-time deposits is maybe when you go back to the Philippines for a vacation) or have an authorized representative make a payment on your behalf. Because for example, if you deposit an amount of PHP 50,000, 1.75% of it is PHP 875.00. This is already a big amount as transaction fee.
Do let us know if you have other tips what is the best method to make a payment contribution for MP2 if you are an OFW!