LOOK: BSP Unveils New Coin Deposit Machines in Malls
The Bangko Sentral ng Pilipinas (BSP) rolled out coin deposit machines across Metro Manila malls to promote their movement for coin recirculation.
Coin recirculation is a common monetary problem that Filipinos face, as people tend to keep them inside bank vaults, piggy banks, or just have them laying around the house. In worst cases, some people even throw them away.
To address the issue, the Bangko Sentral ng Pilipinas (BSP) took new measures to boost coin recirculation nationwide by rolling out its Coin Deposit Machine (CoDM) project to boost coin recirculation. That way, the total value of the stored coin can still be a part of the country’s overall money supply.
The CoDM Project, Explained
The CoDM project aims to properly circulate coins through automated coin exchange facilities. With this machine, the deposited coins can be credited to the depositor’s e-wallet account. Depositors in SM Mall of Asia and Festival Mall may also opt for their coins to be exchanged for shopping vouchers.
Currently, the CoDM can credit coins to GCash accounts, as the Maya option will just be available on August 2023. Meanwhile, the shopping vouchers are still limited to SM Stores nationwide.
The machines will accept all coin denominations (1¢, 5¢, 10¢, 25¢, PHP 1, PHP 5, PHP 10, and PHP 20)— only if they’re a part of the BSP Coin Series or the New Generation Currency Coin Series. Meanwhile, the machine will reject demonetized coins, foreign currencies, as well as foreign objects such as tokens.
Location of These Coin Deposit Machines
The project is in partnership with SM Retail, Inc., Robinsons Supermarket Corp., and Filinvest Lifemalls Corp. So far, the first four machines were launched in SM Mall of Asia in Pasay, Robinsons Place Ermita in Manila, and Festival Supermall in Muntinlupa.
Six more machines are to be deployed across the Greater Manila Area in the next few days, while there are 15 more to be rolled out between June and August.
What This Means for the Economy
“Through the CoDM project, the BSP aims to address the artificial coin shortage in certain areas of the country and help ensure that only fit and legal tender currency is readily available for public use,” the central bank said in a statement. “With the option to credit the value of deposited coins to e-wallets, the CoDM project also promotes the use of digital payments and strengthens financial inclusion.”
BSP Governor Felipe M. Medalla also pointed out that this partnership between the BSP and the big malls will improve the interest in coin circulation.
With this, SM Retail Chief Finance Officer Jonathan Ng says, “The advent of coin deposit machines aims to address these challenges and revolutionize the way we handle our loose change. We are honored to stand alongside BSP in the launch of this project, as it not only impacts our consumers but also drives innovation and helps boost our economy.”
Robinsons Retail Holdings, Inc. President and Chief Executive Officer Robina Gokongwei-Pe also shared her thoughts on why coins are an essential part of the country’s monetary system. “When coins are forgotten, the balance of our monetary system is disrupted. These artificial shortages have a very real impact on us retailers,” she says.
A Win-win Situation
Next year, the BSP will evaluate the impact of the said project to see whether or not it can be expanded to various regions and if they will need to install more machines.
Since these deposit machines are installed inside malls, the machines can spark interest among people who have been holding onto their coins for quite some time. By doing so, the machines can be beneficial for both parties—the BSP and the depositors.
How? The BSP can have their hands on the coins and have them circulate properly. Meanwhile, people can make the most out of their stored coins’ value and start using them again for their upcoming transactions.