Hello mommies,
Investing while you are young is the most important thing to do especially now a days that money and finances are very tough to handle and manage. Everything seems to be expensive and salary is always not enough to make both ends meet. Living in this expensive and materialistic world is not enough and saving for the future and future family is tougher. So we have to do so many ways to earn and save. For most of us employed, we really don't have much because we are just getting a months worth of working, and we have a lot of obligations in our life that we need to face first not minding what is important or setting it aside first because we don't have much.
There are a lot of financial literacy guru all over and all they are preaching is saving. So the question is what are we going to save if we don't have much? And how are we going to save? As a newbie to this saving saga, I've read and stumble so many articles, discussions, blogs and forums and I found out about this PAG IBIG MP2 program by the Philippine Government. It helps someone save and earn for their retirement. And the minimum worth of contribution is Php 500.00 and the maximum is up to the member, Mind you people we cannot withdraw.. I repeat, we cannot withdraw our money for 5 years. We can add but we can't deduct. The money will incur interest overtime and that's how you earn. After 5 years and you don't need the money you can extend for as long as you like. Being an active member of MP1 is prerequisite.
The Pros: Bigger savings bigger interest
No tax
The Cons: There is no passbook/online account that you can see your status just like online banking.
You have to either go to the office to pay or have it auto debit from your office
5 years is quite a long time.
It is not loanable.
For someone who is an existing member please enlighten us. To Pag-Ibig I hope you'll make extra effort to be transparent to your member and issue a passbook or record book after all it is our hard earned money.
There are a lot of financial literacy guru all over and all they are preaching is saving. So the question is what are we going to save if we don't have much? And how are we going to save? As a newbie to this saving saga, I've read and stumble so many articles, discussions, blogs and forums and I found out about this PAG IBIG MP2 program by the Philippine Government. It helps someone save and earn for their retirement. And the minimum worth of contribution is Php 500.00 and the maximum is up to the member, Mind you people we cannot withdraw.. I repeat, we cannot withdraw our money for 5 years. We can add but we can't deduct. The money will incur interest overtime and that's how you earn. After 5 years and you don't need the money you can extend for as long as you like. Being an active member of MP1 is prerequisite.
The Pros: Bigger savings bigger interest
No tax
The Cons: There is no passbook/online account that you can see your status just like online banking.
You have to either go to the office to pay or have it auto debit from your office
5 years is quite a long time.
It is not loanable.
For someone who is an existing member please enlighten us. To Pag-Ibig I hope you'll make extra effort to be transparent to your member and issue a passbook or record book after all it is our hard earned money.
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