Though SSS WISP Plus was just launched in December last year compared to Pag-IBIG’s MP2 which was established in 2010, it’s good to compare these 2 government-backed programs and see which one’s better.
Let’s make a side-by-side comparison between these two, shall we?
Maturity Period
A Pag-IBIG MP2 account has a lock-in period of 5 years. You can leave your money for another 2 years in the program but the dividend rate for the 2 years will follow that of the Regular Savings. Beyond 7 years, it will stop earning dividends.
On the other hand, the minimum lock-in period for SSS WISP Plus is just 1 year. And you can leave your money as long as you want.
Minimum Contribution
The minimum contribution for both MP2 and WISP Plus is 500 pesos.
Early Withdrawal Rules
For MP2, if you withdraw your money before the 5 years, you may only get 50% of the total dividends earned. Also, there are specific reasons that will allow you to withdraw early and are subject to approval.
As for WISP Plus, though you can withdraw all your contributions after a year without providing any reasons, there’s a general rule on the dividends that you can claim:
- 1 to <2 years of membership will receive 60% percent of earnings.
- 2 to <3 years of membership will receive 70% percent of earnings.
- 3 to <4 years of membership will receive 80% percent of earnings.
- 4 to <5 years of membership will receive 90% percent of earnings.
- 5 or more years of membership will receive 100% percent of earnings.
Partial Withdrawal
You can request a partial withdrawal with SSS WISP Plus. However, that’s not possible with Pag-IBIG MP2.
Average Dividend Rate
Since MP2’s inception, the average annual dividend rate is 6.10%. But if we check only the average dividend rate over the last 5 years, it’s 6.76%.
Because WISP Plus was only introduced in December last year, the first dividend distribution will be next year. That said, we can use WISP (which is equivalent to Pag-IBIG’s Regular Savings) as an example since it was launched in 2021. The 2022 dividend rate for WISP is 6.39%. If SSS follows the same pattern as that of Pag-IBIG, then most likely the dividend rate for WISP Plus would be higher than WISP.
Kuya Well’s Corner
Pag-IBIG MP2 has a good track record so far. Hopefully, SSS WISP Plus can keep up since having both of them is good. SSS WISP Plus somehow addressed the limitations of MP2. The only question now is would the dividend rate be at par with that of MP2? I guess we’ll have to wait a few more months since 2024 is just around the corner. Of course, I’ll keep you posted about it.
For additional reading on MP2 and SSS:
Can I invest to Wisp plus large amount example 1 M for 5 years? Rate of interest?if ever how can i pay MC or personal check ?Do have to go personally At any Sss Branch?
Maraming Salamat po.
Thank you
Perla V. Real
You can directly go to SSS branch if you want to put in a large sum of money using a Manager’s check.
WISP Plus only started last year and we are yet to hear about the dividend rate anytime this year. As to when they will announce, that I don’t have any information. As soon as information is available, I’ll post a blog about it.
MP2 or Pag-ibig is more transparent in the dividends posting. SSS Wisp until now does not post dividend earnings since it’s inception 2021 pa ata.
True. Although, in an interview made by TV Patrol (or some other local news station), they did mention that the “estimated” dividend rate is 6.9%. But until they officially announce it, it is still subject to change.