BSP rolls out coin deposit machines

BSP Governor Felipe Medalla and Robinsons Retail Holdings president and CEO Robina Gokongwei-Pe lead the CoDM launch at Robinsons Place Manila-contributed photo

MANILA  -The Bangko Sentral ng Pilipinas in partnership with the SM and Robinsons groups on Tuesday launched separately the first three out of a planned initial batch of 25 coin deposit machines (CoDMs) in what the BSP touted as a pioneering effort in Southeast Asia.

This effort is intended to recirculate idle coins by encouraging consumers to convert their coins into e-wallet credit or shopping vouchers.

The first two units went live at the SM Mall of Asia in Pasay City and a third at the Robinsons Place Manila.

BSP Deputy Governor Berna Romulo-Puyat, Governor Felipe Medalla and SM Investments vice chair Teresita Sy-Coson at the launch of CoDM at SM Mall of Asia- contributed photo

BSP Deputy Governor Bernadette Romulo-Puyat said another one at the Festival Mall in Muntinlupa was also rolled out.

This happened nine months after the BSP signed agreements with SM and Robinsons as well as the Filinvest group in August 2022 on the deployment of 25 CoDMs across the Greater Manila Area.

At the launching ceremony, Puyat said the project’s launch was a milestone in that the conversion of the coins into more spendable forms will also enable digital payment transactions.

CoDMs accept all denominations, such as the one-, five-, 10- sentimo coins and the one-, five, 10-piso coins of the BSP Coin Series and the New Generation Currency Coil Series.

(left) BSP Coin Series (1995-present) and New Generation Coin Series (2018-present)