The eligibility requirement to enroll in Pag-IBIG MP2 is broken down into 3:
- Active Pag-IBIG Fund members who have made at least one savings contribution (P1) within the past six months.
- Former members who have already retired or are receiving a pension and have additional sources of monthly income. They must have made at least 24 monthly savings contributions prior to their retirement.
- Individuals who were born Filipino (but have since become citizens of another country) and have reacquired their Filipino citizenship through the Citizenship Retention and Reacquisition Act of 2003, provided that they have made at least 24 monthly savings contributions before their permanent migration to another country.
Maximum age limit
I am a Senior Citizen, can I still invest in MP2? I’ve seen this question a lot of times in a Facebook group of which I’m a member.
The answer to the question: Yes, you can. A retired Pag-IBIG member can invest in MP2 provided that he/she has at least 24 months of regular savings (P1) contribution prior to retirement.
But the main question is, why?
Now, don’t get me wrong. If you have other sources of income or have funds that can sustain you for 5 years, then why not? However, if you’re going to utilize your retirement funds to invest, I suggest that you hold that thought.
At this age (60 and above), you should be enjoying the investments you made when you were younger. It’s not supposed to be the time for you to start investing. You need cash flow at this point. But I do get it, putting your money in commercial banks isn’t a good idea either. So your best option is to put it in high-yield savings accounts. They do offer a good interest rate per annum but the best part is that you can withdraw your money anytime you want.
Minimum age limit
Another question that I often see is “Can I create an MP2 account for my child who is 12 years old?“
Short answer: No.
Let’s go back to the eligibility requirement. All three bullets state that you need to be a Pag-IBIG member (regardless if active or not). Now, in order to be a Pag-IBIG member, you need to be at least 18 years of age.
Take note, that Pag-IBIG membership was intended for working individuals. So this isn’t a college education fund nor is it a trust fund for your kids. If you really want to save for your kid, your workaround is to create an MP2 account under your name. Then when your kid is at the right age and once the MP2 account has matured, you can withdraw your contributions and deposit it to the MP2 account that will be created by your kid.