The central bank of the Philippines, also known as BSP, has placed additional machines for depositing coins throughout Luzon. This brings the total number to 19, which is close to their goal of having 25 units by the end of the year.
According to its website, the BSP has placed 19 units in various locations.ff
Various retail stores located in Metro Manila and surrounding provinces.
These units can be found in the following SM malls: Taytay, Grand Central, Marilao, Fairview, North Edsa, San Lazaro, Megamall, Bicutan, Bacoor, Southmall, Sucat, and Hypermarket FTI.
Additional machines were also set up at Robinsons Place Metro East, Robinsons Place Novaliches, and Robinsons Galleria.
Since its CoDMs were introduced in June, the BSP has gathered a total of P87.4 million in coins.
In the previous three months, there were more than 20,000 recorded transactions. The majority of the coins inserted into the machines were credited to customers’ e-wallets, with the remaining amount being exchanged for shopping vouchers, according to the central bank.
In collaboration with Filinvest Lifemalls Corp., Robinsons Supermarket Corp., and SM Retail, Inc., the BSP started using CoDM units in June of this year. These units were first installed at SM Mall of Asia, Robinsons Place Ermita, and Festival Mall in Muntinlupa City.
The coins deposited in CoDMs can either be added to the depositor’s e-wallet account or exchanged for a shopping voucher to be used for in-person transactions.
accepted denominations are not
The CoDM accepts all denominations from both the BSP Coin Series and the New Generation Currency Coins Series. Any denominations not accepted will not be valid.fi
The machine will reject and return any t or demonetized coins, as well as foreign currency and objects, back to the depositor.
Jann Ryan D. Jose, the Deputy Director of the Greater Manila Regional Office of BSP, stated in a recent TV interview that the machines were introduced to enhance the circulation of the currency.
39 billion and counting.
“According to data from April 2023, there are approximately 39 billion coins in circulation. Of these, about 19 billion are lower-denominated currency, such as centavos,” he stated in Filipino. “Therefore, there is a significant number of coins in circulation, with the count continuing to increase.”
However, they are not being distributed correctly.
He advised caution when utilizing the coin deposit machines, as certain foreign items may lead to jamming in the units.
“He stated that in order for the BSP to prolong the project’s timeline, it is essential to utilize the machines correctly and consistently utilize our coins. We urge all Filipinos to continue supporting the BSP’s efforts in recirculating coins.”
Mr. Jose added that the project will run for two years, and the BSP will assess the effectiveness of the machines in recirculating currency. — K.B. Ta-asan