More coin deposit machines underway

Lawrence Agcaoili - The Philippine Star
More coin deposit machines underway
A coin deposit machine inside a mall in Manila.

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) plans to deploy more coin deposit machines in the provinces as the value of transactions near the P100-million mark with the full deployment of the first batch of 25 machines.

BSP Deputy Governor Bernadette Romulo-Puyat said the central bank has completed the rollout of the first 25 coin deposit machines in Metro Manila and nearby provinces. 

Romulo-Puyat said the BSP is now talking to the supplier of the coin deposit machines on how to go about with the deployment of coin deposit machines in other parts of the country. 

She said there 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.

Romulo-Puyat reminded the public to ensure that coins for deposit must not include foreign objects, such as buttons, magnets, nails, tokens and screws.

 She added that the coins must not be taped or bundled and should be placed in the machine’s coin slot by the handful. 

As of end-September, the BSP said a total of P98.8 million worth of coins have been deposited into the machines, equivalent to 37.2 million pieces of coins from over 37,000 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.

The recently installed machines are 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 (QC); Robinsons Place Antipolo, Rizal and Robinsons Place Magnolia, QC.

Earlier, the BSP and its partner retailers 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. 

Last June, the BSP partnered with SM Retail Inc., Robinsons Supermarket Corp. and Filinvest Lifemalls Corp. when it initially deployed two deposit machines in the SM Mall of Asia and one each in Robinsons Place Manila and Festival Mall in Alabang.

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).

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

“Customers are also advised to ensure that their e-wallet accounts are valid and active and that their transactions are within the prescribed wallet and transaction limits of their e-wallet service provider,” the BSP said.

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