Coin machines so far collect P98.83M; humble 1-centavo finds use

MANILA  -The Bangko Sentral ng Pilipinas (BSP) is looking at getting more coin deposit machines (CoDMs) after successfully deploying an initial batch of 25 units that have so far collected P98.83 million.

BSP Deputy Gov. Bernadette Romulo-Puyat said on Wednesday the central bank was in talks with the American-based supplier on the possibility of getting additional units, after setting up the first few machines back in June 20. Fifteen of the 25 units were deployed across the Greater Manila Area just last month.

Puyat said the public’s response was significant, with the biggest value for a single transaction so far recorded was at P100,260 worth of coins.

READ: BSP launches coin deposit machines

Data from the BSP showed the CoDMs have collected at least 37.2 million pieces of coins, covering over 37,000 transactions.

The one-piso coin has the biggest volume of deposits, with 13.6 million pieces or 37 percent of the total.

The five-piso coin has the biggest value of deposits at P37.1 million or 38 percent of the total.

Even the smallest denominations, previously ignored or even thrown away, became useful again as depositors put in 38,831 pieces of one-sentimo coins (worth P388.31).

The machines likewise collected a total of about 1.9 million pieces of five-sentimo coins (P94,241.55) and 1.3 million pieces of 10-sentimo coins (P133,486).

Of the total value of all coins deposited, P96.47 million was converted into GCash e-wallet credits, P1.98 million into Maya credits and P253,232 million into SM voucher or shopping credits.

BSP partners

For the initiative, which the government said could help in more efficient coin recirculation, the BSP partnered with the SM, Robinsons and Filinivest groups.

“Our partners were the ones who decided where to locate the CoDMs, and they chose high-traffic areas, such as the supermarkets in the malls that they operate,” Puyat said.

The recently installed machines are located at SM Megamall, Mandaluyong City; SM City Grand Central, Caloocan; SM City Marilao, Bulacan; SM City Taytay, Rizal; SM Hypermarket FTI, Taguig City; SM Southmall, Las Piñas City; SM City Sucat, Parañaque; SM City Calamba; SM City Marikina; SM City San Mateo, Rizal; SM City Valenzuela; Robinsons Place Metro East, Pasig City; Robinsons Place Novaliches, Quezon City (QC); Robinsons Place Antipolo, Rizal; and Robinsons Place Magnolia, QC. Before that, the BSP and its partner retailers switched on CoDMs at the Festival Mall, Muntinlupa City; SM Mall of Asia, Pasay City; SM City North EDSA, QC; SM City Fairview, QC; SM City San Lazaro, Manila; SM City Bicutan, Parañaque; SM City Bacoor, Cavite; Robinsons Place Ermita, Manila; and Robinsons Place Galleria, Ortigas.

CoDM users are reminded to ensure that coins for deposit must not be taped or bundled; must not include foreign objects, such as buttons, magnets, nails, tokens and screws; and should be placed in the machine’s coin slot by the handful.