Central bank deploys more coin deposit machines across Luzon

The Bangko Sentral ng Pilipinas (BSP) has deployed more coin deposit machines (CoDMs) across Luzon, bringing the total to 19, closer to its target of 25 units this year.

The BSP said on its website that it has deployed a total of 19 units in different retail establishments across Metro Manila and nearby provinces.

These units are located in SM City Taytay, SM City Grand Central, SM City Marilao, SM City Fairview, SM City North Edsa, SM City San Lazaro, SM Megamall, SM City Bicutan, SM Bacoor, SM Southmall, SM Sucat, and SM Hypermarket FTI.

More machines were also deployed in Robinsons Place Metro East, Robinsons Place Novaliches, as well as Robinsons Galleria.

The BSP has collected over PHP 87.4 million worth of coins since the launch of its CoDMs in June, it said.

Over 20,000 transactions were recorded in the past three months. The coins deposited into the machines were mostly credited to customers’ e-wallets, while the rest was exchanged for shopping vouchers, the central bank said.

The BSP began deploying CoDM units in June this year in partnership with Filinvest Lifemalls Corp., Robinsons Supermarket Corp., and SM Retail, Inc. Two units were initially deployed at the SM Mall of Asia, one in Robinsons Place Ermita, and one in Festival Mall in Muntinlupa City.    

The value of coins deposited in CoDMs may be credited to the depositor’s e-wallet account or converted into a shopping voucher for over-the-counter transactions.

All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDM. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machine and returned to the depositor.

BSP Deputy Director of the Greater Manila Regional Office Jann Ryan D. Jose said in a television interview last month that the machines were launched to help improve the circulation of the currency.

“Based on data as of April 2023, about 39 billion pieces of coins are in circulation. About 19 billion pieces of these coins are lower denominated currency such as centavos,” he said in Filipino. “So, there’s a lot of coins in circulation, but they are not being circulated properly.” 

He added that the public must be careful about using the coin deposit machines, as some foreign objects can cause the units to jam. 

“If we want the BSP to extend [the time for the project], we should use the machines properly and regularly use our coins. We’re encouraging all Filipinos to further support the BSP’s coin recirculation programs,” he said.

Mr. Jose added that the project will run for two years, and the BSP will assess the effectiveness of the machines in recirculating currency. — K.B. Ta-asan