MANILA, PHILIPPINES — The Bangko Sentral ng Pilipinas (BSP), in partnership with SM and Robinson’s group, launched the first three out of a planned 25-batch coin deposit machines (CODMs).
BSP proclaims that it is a pioneering effort in Southeast Asia; the CODMs are supposed to recirculate idle coins by supporting customers to convert coins into e-wallet credit.
The CODMs will allow the public to deposit all denominations of the BSP Coin Series and New Generation Currency Coin Series launched in 2018, ranging from Centavo to P20.
The first two units were placed in SM Mall of Asia in Pasay City, and the third at Robinsons Place Manila.
BSP Deputy Governor Bernadette Romulo Puyat said that the fourth machine was also rolled into Festival Mall in Muntinlupa City.
Puyat also said that for the first 10 CODMs from the United States, SM would be deploying seven units, Robinsons two, and Filinvest one.
BSP will announce the locations of the CODMs at a later date. The machine accepts all coin denominations, such as 1, 5, 10, and 25 centavo coins and 1, 5, 10, and 20 peso coins of the BSP Coin Series and the New Generation Currency Coin Series.
Puyat intends to have the coins in more spendable forms, such as digital payment transactions.
Coins are also allowed to be converted into GCash credit. BSP is also in talks with Maya to participate in the project and provide more options for depositors.
Coins will also be unfit for circulation when bent, twisted out of shape, defaced, showing signs of corrosion, or considerably reduced weight.
Puyat wants to engage more partners like GCash in the project so that it will be flexible for users.
BSP Governor Felipe Medalla claimed that because Filipinos bring these coins into the country but leave without taking any metallic money, they tend to gather “an unbelievable amount” of coins at home.
Coins are then artificially scarce, which defies their intended function as a medium of exchange.
For the past 17 years, BSP has increased its production of coins to meet the demands of retail sectors that keep growing. – WhatALife!/Zain