BSP launches coin deposit machines
COIN MACHINES | Bangko Sentral ng Pilipinas Governor Felipe Medalla (center) pose with BSP Deputy Governor Bernadette Romulo-Puyat and BDO chair and SM Investments Corp. vice chair Teresita Sy-Coson (right) at the launching of coin deposit machines at SM Mall of Asia in Pasay City. (Photo from the BSP)
MANILA, Philippines — The Bangko Sentral ng Pilipinas in partnership with the SM and Robinsons groups on Tuesday launched 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, the machines are intended to recirculate idle coins by encouraging consumers to convert these coins into e-wallet credit or shopping vouchers.
The first two units went live at SM Mall of Asia in Pasay City and a third at Robinsons Place Manila.
BSP Deputy Governor Bernadette Romulo-Puyat said a fourth one also rolled out at Festival Mall in Muntinlupa City.
In August 2022, the BSP signed agreements with SM Retail Inc., Robinsons Supermarket Corp., and the Filinvest Lifestyle group on the deployment of 25 CODMs across the Greater Manila Area.
Article continues after this advertisementPuyat said that of the first 10 CODMs that arrived from the United States, SM will deploy seven units, Robinsons two and Filinvest one.
Article continues after this advertisementThe BSP will soon announce the locations of the CODMs. The machines accept all coin denominations, such as 1, 5, 10, and 25-centavo coins and 1, 5, 10, and 20-peso coins of the BSP Coin Series and the New Generation Currency Coin Series.
At the launching ceremony, Puyat said the conversion of the coins into more spendable forms will also enable digital payment transactions.
“Second, our (CODM) is among the first in Southeast Asia to implement auto-crediting to electronic wallet accounts,” she said.
GCash credit
So far, the coins may be converted into GCash credit. The BSP is also in talks with Maya to participate in the project and provide additional options for coin depositors.
“Third, using the (CODMs) will significantly help in the circulation of fit coins and the removal of unfit and mutilated ones from circulation,” she added.
A coin is considered unfit for circulation when it is bent, twisted out of shape, defaced, showing signs of corrosion, or has been considerably reduced in weight.
Puyat said the BSP hopes to engage more partners for this project.
BSP Governor Felipe Medalla, who graced the occasion, said Filipinos tend to accumulate “an unbelievable amount” of coins at home because they come in with these but go out without bringing the metallic money.
This, in turn, creates an artificial shortage of coins, which defeats their intended purpose as a medium of exchange.
BSP data showed that every Filipino had 50 pieces of coins in 2005. This increased by almost seven times to 342 pieces of coins as of June 2022.
Over the past 17 years, the BSP had to increase coin production to meet growing demand, especially in the retail sector where coins are used for change.
