It regens something like 7 MP (not based on max MP) per character turn that triggers on that PC's go, yes. Raynie's MP regen is actually a neat Dungeon option when you have stall-friendly fights to restore MP, since it gives you a sustainable long-term regening option, though very, very, verrrrrrrrrrrrrrry slow. Of course, Ragu and stall-friendly are like oil and water. >_>