Tag: Pag-IBIG MP2

Maximizing Your Savings: What You Need to Know About Pag-IBIG MP2

Posted on By Kuya Well No Comments on Maximizing Your Savings: What You Need to Know About Pag-IBIG MP2
Investment and Finance, Posts

Curious about Pag-IBIG MP2? Then you’re on the right page since we’ll discuss some of the most frequently asked questions about Pag-IBIG MP2 here. FAQs about Pag-IBIG MP2 Is Pag-IBIG MP2 a good investment? Yes, Pag-IBIG MP2 is widely regarded as a good investment option for Filipinos who want to save and earn more than … Read More “Maximizing Your Savings: What You Need to Know About Pag-IBIG MP2” »

Pag-IBIG Regular Savings: What You Need to Know

Posted on By Kuya Well 2 Comments on Pag-IBIG Regular Savings: What You Need to Know
Pag-IBIG, Posts

The Pag-IBIG regular savings is one of the most overlooked investment vehicles by Filipinos. Most people think that the mandatory contribution is simply a requirement in order to be able to get a housing loan. But do you know that the monthly 100-peso mandatory Pag-IBIG contribution deducted from your monthly salary is actually held in … Read More “Pag-IBIG Regular Savings: What You Need to Know” »

Save More with SSS WISP Plus Program

The Social Security System (SSS) offers various programs and benefits to its members, including the SSS WISP Plus Program. This program is designed to provide a source of additional income and savings for SSS members.

What is the SSS WISP Plus Program?

The SSS WISP Plus Program is a voluntary savings program that offers higher returns compared to the regular SSS program. It is open to all SSS registrants and SSS members with no final benefit claim, regardless of the amount of declared monthly earnings and last posted monthly salary.

If you’re familiar with Pag-IBIG MP2, this is somewhat the SSS equivalent of it.

How to Enroll?

SSS registrants can enroll in the WISP Plus Program through the online application for an SS Number via the SSS website. Once issued with an SS Number, they are automatically enrolled in the WISP Plus Program.

Eligible SSS members can enroll in the WISP Plus Program through the My.SSS portal by accepting the Terms and Conditions of the program.

For detailed steps on how to enroll, you may refer to our other article: How to enroll or invest in SSS WISP Plus

Contributions

The minimum contribution for the SSS WISP Plus Program is ₱500 per payment. The contribution payment of the WISP Plus enrollee/member is subject to the guidelines for each SSS payment channel in terms of maximum amount per payment, manner of payment (e.g., manager’s check), daily limits, and others, in compliance with applicable laws and regulations.

The WISP Plus enrollee/member can pay contributions anytime, subject to the following rules at the time of generation of the Payment Reference Number (PRN) through the My.SSS portal under the SSS Real-Time Processing of Contribution (RTPC):

  • For employed members, they must have at least one (1) posted regular SSS contribution applicable in the last three (3) months.
  • For self-employed (SE), voluntary member (VM), or land-based overseas Filipino worker (OFW) members, they must have a posted regular SSS contribution for the current applicable month of payment. Otherwise, they must pay or include payment for both the regular SSS contribution and the WISP Plus contribution for the current applicable month.

Withdrawal

The SSS WISP Plus member can withdraw their total accumulated account value anytime under the following conditions:

  • They have been a WISP Plus member for at least one (1) year.
  • Partial withdrawal is allowed, provided that:
    • The amount is based on the total accumulated account value posted prior to the month of partial withdrawal.
    • Partial withdrawal is only allowed once a month.
    • The remaining balance in the accumulated account value after partial withdrawal is not lower than ₱500.
  • Partial or full withdrawal within the first year of WISP Plus membership is only allowed for extreme hardship conditions such as critical illness, involuntary separation from employment, repatriation of OFW members from the host country, and other analogous conditions as may be determined by the SSS.

The WISP Plus member shall receive adjusted earnings based on the following proportions:

  • 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.

Can I join again if I withdraw my earnings?

Yes, you can! After the full withdrawal of the total accumulated account value, the SSS member must re-enroll to become a WISP Plus member again. They will be subject anew to the guidelines of the WISP Plus Program.

Benefits of the SSS WISP Plus program

The basis for WISP Plus benefits is the total accumulated account value of the WISP Plus member at the time of the approval of the final benefit claim. WISP Plus benefits shall be automatically processed when the WISP Plus member, or his/her beneficiary, files for the final benefit claim. The benefits shall be paid in a lump-sum amount at the same time as the initial final benefit claim.

Conclusion

The SSS WISP Plus Program is a great opportunity for SSS members to secure additional income and savings for their future. The program offers higher returns compared to the regular SSS program, and the withdrawal and benefits processes are straightforward and convenient. With the flexibility of contributions, any SSS member can enroll in the program and start saving for their future today.

Money Matters: A Preview of the Topics I’ll Cover on My Personal Finance Blog

Posted on By Kuya Well No Comments on Money Matters: A Preview of the Topics I’ll Cover on My Personal Finance Blog
Posts

I’m sure some of you are already itching for me to start discussing investment-related topics on this personal finance blog. I am too. In fact, I am more than excited to share with you my journey in the stock market. That said, we must lay the groundwork first and not rush things out. It’s important … Read More “Money Matters: A Preview of the Topics I’ll Cover on My Personal Finance Blog” »

How to Invest in Pag-IBIG MP2

Pag-IBIG MP2 (Modified Pag-IBIG II) is a government-guaranteed savings program offered by the Home Development Mutual Fund (HDMF), more commonly known as the Pag-IBIG Fund. This investment opportunity is designed for those who are looking to save money while earning higher returns compared to traditional savings accounts.

Pag-IBIG Fund, as stated in its Charter, invests at least 70% of its funds in the housing finance sector. Additionally, it also invests in government securities and corporate bonds.

What is Pag-IBIG MP2?

Pag-IBIG MP2 is a type of savings program that offers higher dividends compared to regular savings. The dividends earned are tax-free and can be withdrawn annually or after the 5-year maturity period.

Historical Dividend Performance

The average performance of the Pag-IBIG MP2 program has been consistently growing over the years, making it an attractive investment opportunity for those looking for steady returns.

Eligibility

The following are eligible to join the Pag-IBIG MP2 program:

  • Active Pag-IBIG Fund members who have made at least one savings contribution 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.

It’s important to note that membership in the Pag-IBIG Fund is mandatory for all employees, and contributions to the Pag-IBIG MP2 program are voluntary.

How to Create a Pag-IBIG MP2 Account

To open an MP2 savings account, you have two options:

  1. Online via Pag-IBIG Fund Services website.
  2. At any Pag-IBIG Fund branch by submitting the MP2 Savings Enrollment Form, which you can download from the Pag-IBIG Fund’s website.

Note: Multiple MP2 Savings accounts can be opened and maintained by an individual.

How to Fund

When it comes to funding your MP2 account, there are several options to choose from:

  1. Salary deduction, if you’re employed
  2. Online remittance through authorized online payment channels such as Virtual Pag-IBIG, GCash, Moneygment App via Cashpinas, Coins.ph via Bayad, or PayMaya
  3. Over-the-counter (OTC) remittance through any Pag-IBIG Fund branch, or authorized collecting partners’ outlets such as Asia United Bank, Robinsons Bank, United Coconut Planters’ Bank, SM Business Centers, Bayad, M. Lhuillier, ECPay, Philippine National Bank, Asia United Bank, IRemit powered merchants, Ventaja powered merchants, and Cashpinas powered merchants.

It’s important to note that there’s no penalty for not contributing on a regular basis. You can actually contribute to your MP2 account anytime you want. You may also choose to remit a one-time lump sum amount for the whole 5-year period of your MP2 Savings.

When is the Dividend Credited

The MP2 savings program has a 5-year maturity, and dividends are credited annually. The dividends earned are tax-free and can be withdrawn annually or after the 5-year maturity.

In conclusion, Pag-IBIG MP2 is a government-guaranteed investment opportunity that provides higher returns compared to traditional savings accounts. It is easy to open an account and there is no penalty for not contributing regularly. With multiple funding options and the ability to open multiple accounts, the Pag-IBIG MP2 is a great option for those looking to save money and grow their wealth.