BSP unveils coin deposit machines to improve recirculation

MANILA, Philippines — The Bangko Sentral ng Pilipinas launched coin deposit machines in a bid to improve coin recirculation across the country.

In a statement on Tuesday, the central bank said that the move was done alongside partner retailers SM Retail, Inc., Robinsons Supermarket Corp., and Filinvest Lifemalls Corp.

“Through the CoDM project, the BSP encourages the public to deposit their idle coins stored in their jars, piggy banks, and other containers in accessible, convenient, and efficient coin exchange facilities in participating malls,” the statement read.

The machines will allow people to deposit their legal tender coins. These will also credit the amount to GCash accounts. 

In view of this, the BSP noted that it is working with PLDT-led Maya to onboard them onto the initiative.

The central bank floated another option, which came in the form of SM shopping vouchers for customers who will deposit coins in SM and Festival Mall.

The machines were already in operation across SM Mall of Asia in Pasay, Robinsons Place Ermita in Manila and Festival Supermall in Muntinlupa. 

Four machines were already available for use, according to the BSP. Six more will be deployed across the Greater Manila Area. 

However, 15 more machines will be put out for use between June to August.

The BSP noted that the machines will accept all coin denominations of the BSP coin series and the “New Generation” currency coin series. — Ramon Royandoyan