BSP eyes direct-to-bank crediting of coins deposited via CoDMs

THE Bangko Sentral ng Pilipinas is planning to expand its services for depositors using coin deposit machines (CoDMs) by allowing directto- bank crediting of coins deposited via the machines installed in malls around

Metro Manila.

Coins deposited through CoDMs are currently credited to e- wallet accounts or converted i nto shopping vouchers. But based on records, 99 percent of depositors opt to credit the amount to their e- wallet, according to the central bank.

As of February 21, 2024, around P510 million worth of coins have been deposited through CoDMs since August 2023.

The BSP launched the project to address the artificial coin shortage and to bring back coins in circulation.

BSP Deputy Governor Bernadette Romulo- Puyat told reporters that with the overwhelming response, the central bank is planning to add an option where depositors can credit the amount directly to their bank accounts.

“A n g d a m i k a s i n g nagtatanong if pwede i- credit sa bangko, hopefully within the year. We adjust it to what the consumers want,” RomuloPuyat said.

She noted that the largest single transaction on the CoDM amounted to P200,000.

The c entra l bank i s targeting to onboard three to five banks in the system within the year.

It is also looking to tap more digital banks in addition to Maya and e-wallet platform GCash.

The BSP has so far deployed 25 CoDMs in Metro Manila.

Romulo- Puyat hopes to double the number of CoDMs this year, expanding to provinces outside Metro Manila.

“We’re still talking to the provider. Ipapa- bid out pa ‘yon kung magkano. We’re asking if we’re going to lease all over the country,” Romulo-Puyat said.

cases,” the FATF said.

It noted, however, that the country should continue to work on its action plan, including demonstrating effective riskbased supervision of designated non- financial businesses and professions (DNFBPs).

T h e FAT F s a i d t h e Philippines should also work on demonstrating that supervisors are using controls to address risks linked with casino junkets, and enhancing and streamlining the access of law enforcement agencies to beneficial ownership information which should be up-to-date.

The watchdog said t he country should also demonstrate an increase in money laundering investigations and prosecutions, and i n t he prosecution of terrorism financing cases.

“The FATF urge s t he Philippines to swiftly implement its action plan to address the above- mentioned strategic deficiencies as soon as possible as all deadlines expired in January 2023,” it said.

For i t s part, t he AMLC welcomed the latest report as it said the FATF cited steps taken by the Philippines in improving its AML/CFT regime.

“This improvement in our AML/ CFT regime is a strong recognition of the government’s efforts in curbing terrorism and terrorism financing incidents in the country,” AMLC Executive Director Atty. Matthew David said.

He added: “It also sends a positive signal to the international community on the unwavering commitment and continuous progress made by the Philippines in this front.”

Former Bangko Sentral ng Pilipinas ( BSP) governor Benjamin Diokno in June 2021 said the Philippines would need more time to implement measures against money laundering and terrorist financing.

“The government remains dedicated to strengthening the country’s position in the global fight against financial crimes,” David said Sunday.