BIZ BUZZ: That’s a lot of coins!
The Bangko Sentral ng Pilipinas (BSP) has collected P707.7 million worth of coins processed via its coin deposit machines (CoDMs) as of May 15.
And that’s a lot of coins collected from a total of 174,656 transactions since the BSP started installing CoDMs in the Greater Manila Area just 11 months ago.
The CoDMs are crucial to the central bank’s coin recirculation program that aims to put idle coins back in circulation to serve the currency needs of the country and at the same time reduce the outlay for producing new coins.
In cooperation with partner retailers and electronic money issuers, the coin machines also promote a cash-lite economy with the adoption of payments digitalization.
CoDMs allow customers to conveniently deposit their legal tender coins, which can be credited to their GCash or Maya electronic wallet accounts or converted into shopping vouchers. —Ian Nicolas P. Cigaral
PH shifting nickel exports away from China?
A high-ranking Philippine trade official said that the country has rallied support from member nations of the United States-led Indo–Pacific Economic Framework (IPEF) to process its nickel ore, opening the possibility of a shift away from exporting these minerals to China.
“There is an ongoing discussion among the IPEF countries, Indo-Pacific countries, to try to add more value for Philippine nickel in terms of processing these further, but in a green way,” Trade Undersecretary Ceferino Rodolfo said during the 6th Indo-Pacific Business Forum held on Tuesday at Shangri-la Hotel at The Fort in Taguig.
Rodolfo said that about 20 percent of the nickel ore mined in the Philippines is being processed by a Japanese firm, while the bigger 70 percent to 80 percent is exported to another country.
Rodolfo did not name the particular country, but said it was “dominant when it comes to batteries,” a clear reference to China, widely known as a leading manufacturer of batteries, as well as the recipient of most of the Philippines’ nickel exports. —Alden M. Monzon INQ
