BSP starts deployment of coin deposit machines

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has started the deployment of coin deposit machines initially in malls operated by the Sy, Gokongwei and Gotianun families as part of its efforts to recirculate coins to tackle the shortage of coins caused by improper storage or disposal.

BSP Governor Felipe Medalla told reporters that an initial 25 machines would be deployed in malls across Greater Manila areas as he joined SM Investments Corp. vice chairperson Tessie Sy and Robinsons Retail Holdings Inc. president and CEO Robina Gokongwei-Pe during the launching yesterday.

In partnership with SM Retail Inc., Robinsons Supermarket Corp. and Filinvest Lifemalls Corp., the central bank yesterday deployed two coin deposit machines at the SM Mall of Asia, one at Robinsons Place Ermita in Manila and one at the Festival Mall in Alabang, Muntinlupa.

Another six machines will be deployed in select locations across the metropolis in the next few days.

According to the BSP, the remaining 15 machines will be deployed to other establishments until August this year.

The central bank said it would conduct an assessment a year after the launch to determine whether the project would be expanded to other regions or whether the number of machines would be increased to accommodate more depositors and idle coins.

Medalla said the Philippines has a coin per capita of 400 pieces per Filipino as a total of 39 billion coins are in circulation to cater to 100 million Filipinos.

Just like other central banks around the world, Medalla said the BSP continues to lose money from the minting of coins than the printing of banknotes.

“Over time, the problem seems to get worse and worse,” the BSP chief said.

Coin deposit machines allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash electronic wallets.

The BSP is likewise working with electronic money issuer Maya to onboard them to the project and provide more options to the public. This is in line with the central bank’s payment digitalization and financial inclusion agenda.

BSP Deputy Governor Bernadette Romulo-Puyat said the Philippines is among the first in Southeast Asia to implement auto crediting to electronic wallet accounts by crediting the value of the coins deposited to e-wallets.

Alternatively, customers of SM MOA and Festival Mall may choose to redeem the value of their deposited coins in the form of SM shopping vouchers.

The machines accept all denominations including 1, 5, 10 and 25 centavos as well as P1, P5, P10 and P20 coins of the BSP Coin Series and the New Generation Currency Coin Series.

SM Retail chief finance officer Jonathan Ng said coins continue to play an integral role in daily transactions.

“Yet the handling and management (of coins) present challenges for both consumers and business. The advent of coin deposit machines aim to address these challenges and revolutionize the way we handle our loose change,” Ng said.

SM Supermalls president Steven Tan said the SM Group would continue to partner with the BSP to promote financial inclusion, cashless payments, digitalization and its coin recirculation program.