As mentioned previously, I made the mistake of choosing Annual Dividends rather than the 5-Year Term when I created my first MP2 account.
At that time, I was under 2 impressions; the dividends aren’t compounded automatically and you can reinvest the dividend via Virtual Pag-IBIG without having to withdraw the actual amount. You see, this is why research is needed before you jump into any investments.
Anyway, I made the request for a dividend claim on May 8, 2023 (Tuesday), and 3 days after which is Friday (May 12), I received an SMS that the check was already available.
How to process Annual Dividend Claim via Pag-IBIG Branch
- Bring a valid ID when you go to the Pag-IBIG branch.
- You will need to fill out the APPLICATION FOR THE RELEASE OF MP2 ANNUAL DIVIDENDS form. You can either download the form or you can just ask for one at the branch.
- If you wish to receive the funds in your bank account, instead of a check, just put in your bank details.
- A Pag-IBIG officer will validate your details and then inform you that you will be notified via SMS when it’s ready.
- Once you received a confirmation that your claim has been processed and that the check is available, you can head back to the same branch you went to and get your check. Ensure to bring with you 2 valid IDs. As for those who opted for bank transfers, simply check your bank account online to see if it has been credited.
How to encash the check?
- Just go to the issuing bank shown in the check.
- Bring 2 valid IDs.
- You will be asked to fill out your details at the back of the check.
- Wait for your queue and voila, the bank teller will give you your cash.
If you have an existing bank account (either the same as the issuing bank or a different bank), you can simply go to your bank and deposit the check. Make sure that the bank account is under your name.
Kuro-kuro ni Kuya Well
When I went to the Pag-IBIG branch, I was actually provided the APPLICATION FOR PROVIDENT BENEFITS (APB) CLAIM form to fill out. I’m not sure kung di naintindihan ni Manong Guard yung request ko or what. But then pagdating sa Pag-IBIG officer, he filled out the correct form for me.
Now the reason why I received a check instead of having it transferred to a bank account is because I thought I can use my loyalty plus card to receive my dividend. Sinabihan ako na hindi pa pwedeng magamit ang loyalty card for MP2 claims. Unfortunately, the Pag-IBIG officer didn’t ask if I want a bank transfer. Sinabihan na lang ako na check ang ibibigay and that I’ll get SMS notification when the check is available. Then yun nga, nakareceive na ako ng SMS 3 days after pero tinamad ako kuhanin agad so pinaabot ko ng Monday bago nag-encash ng check.
Hopefully, next year, pwede na magamit ang loyalty card plus for dividend claim or elese I’ll probably opt for bank transfer para di na bumalik pa to get a check. Although in fairness, mabilis naman ang queue sa branch na pinuntahan ko.
By the way, I created a 2nd MP2 account and selected the 5-yr Term for the dividends. So yun na ang huhulugan ko monthly while the 1st MP2 account, irereinvest ko na lang ang dividends na makukuha, like what I did dito sa nakuha kong dividends for 2022.