After its recent announcement of deploying 25 coin deposit machines (CoDMs) in Metro Manila, the Bangko Sentral ng Pilipinas (BSP) is expected to launch the project in areas outside of the metropolis once it has completed its review of the project’s usefulness.
The CoDM initiative, first introduced in June this year, is part BSP’s coin recirculation program.
The BSP initially deployed 10 CoDMs. Last Tuesday, it announced that it has set up 15 more CoDMs for a total of 25 “in response to growing demand”.
So far, the BSP said the highest single transaction among the CoDMS is P100,260.
As of end-September, a total of P98.8 million worth of coins have been deposited into the machines, equivalent to 37.2 million pieces of coins from over 37,000 transactions, noted the BSP.
“With more CoDMs installed in various retail establishments, the BSP expects wider public use that will lead to more efficient coin recirculation in the country,” it said.
CoDMs allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their e-wallets such as GCash or Maya.
As for customers of SM Stores and Festival Mall, they may redeem the value of their deposited coins in the form of SM shopping vouchers.
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; Robinsons Place Antipolo, Rizal; and Robinsons Place Magnolia, QC.
In June, the first 10 CoDMs were put up in 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.
Meanwhile, the BSP is reminding the public to ensure that coins for deposit are not taped or bundled. “(Coins) 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,” it added.
“Customers are also advised to ensure that their e-wallet accounts are valid and active and that their transactions are within the prescribed wallet and transaction limits of their e-wallet service provider,” the BSP also said.
By June 2024, the central bank will assess if the project will be expanded to other regions or if they need to add more machines.
The BSP has been calling for a strong law that will penalize coin hoarding in the country. In the absence of a law, the BSP utilizes its Coin Recirculation Program to encourage the public to refrain from unnecessarily accumulating coins.
Coin hoarding results in the inefficient circulation of coins and prevents their primary use as medium of exchange.
An artificial shortage of coins may also occur because of the common practice of keeping coins idle in bank vaults, drawers and piggy banks instead of re-circulating them.