Transactions in coin deposit machines near P400 M

More and more Filipinos are using the coin deposit machines deployed by the Bangko Sentral ng Pilipinas (BSP) in major malls across the metropolis as part of its coin recirculation program.

Recent data showed that as of Jan. 15 this year, the central bank’s deployment of 25 coin deposit machines has gathered 117.12 million coins, totaling P399.1 million.

The machines have completed 110,910 transactions since the deployment started last year, the BSP said.

BSP Deputy Governor Bernadette Romulo-Puyat earlier said the central bank was looking at the deployment of additional machines after completing the roll out of the first 25 coin deposit machines in Metro Manila and nearby provinces.

She said there is a need is a need to address the technical aspect of the deployment of coin deposit machines across the country as the machines need to be maintained, especially when the public accidentally includes other foreign objects in their transactions.

With more coin deposit machines installed in various retail establishments, the BSP expects wider public use that will lead to more efficient coin recirculation in the country.

Coin deposit machines allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash or Maya electronic wallets (e-wallets).

Customers of SM Stores and Festival Mall may redeem the value of their deposited coins in the form of SM shopping vouchers.

The BSP and its partner retailers initially mounted coin deposit machines at the 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.

The machines are also 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.

The Philippines has a coin per capita of 400 pieces per Filipino, with a total of 39 billion coins in circulation to cater to 100 million Filipinos.

Similar to other central banks around the world, the BSP continues to incur losses from minting coins rather than printing banknotes.