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Modified Pag Ibig 2 – A New Savings Plan. Is it worth it?

Warning: Wikishit ahead. 

The Home Development Mutual Fund (abbreviated as HDMF), more popularly known as the Pag-IBIG Fund, is a Philippine government-owned and controlled corporation under the Housing and Urban Development Coordinating Council responsible for the administration of the national savings program and affordable shelter financing for Filipinos employed by local and foreign-based employers as well as voluntary and self-employed members. It offers its members short-term loans and access to housing programs.

Wikishit ends.

So Pag-IBIG Fund is famous for their savings plan and when the time is right and your savings become ripe, they'll allow for you to borrow (if it ain't enough yet) or give you all your savings (with interest) specifically for a new house, or house repairs. It really is a good plan to be with because if you don't use it, you can just take the money whole with interest!

Basic Pag-IBIG Savings Fund goes like this. (Source: Pag-IBIG)

HDMF Contribution is 2% of what your monthly income is. Php15,000 X .02= Php300.00

Note: The maximum monthly compensation used in computing the employee contributions is currently set as Php 5,000. This means that the maximum member contribution and employee counterpart per month are both currently Php 100

But right now Pag-IBIG is currently finding new ways and I am somehow happy that they are changing their ways. I called them up and they said this can be increased anytime. You guys know I am a savings junkie and anything that has the words savings in it I eats. All you need to do is find the nearest Pag-IBIG branch near you and ask for your monthly contribution to be increased and voila! Bigger monthly contribution, bigger savings!

Aside from this they are now pushing their clients (us) to a new savings plan called "Modified Pag-IBIG 2" or simply MP2. I've attached a Question and Answer for this straight from the PagIBIG website

So basically you put money in, it grows interest bigger than banks do. It's like a normal a normal investment plan with insurance companies. Does being with the government make it different for you? 

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