BSP gets P98.8M in coins through deposit machines
CONSUMERS have deposited P98.8 million worth of currency into the Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines (CoDMs) as of end-September or just three months after their rollout in June.
This is equivalent to 37.2 million pieces of coins from over 37,000 transactions, the BSP said in a statement. The highest single transaction recorded on the machines so far was worth P100,260.
“With more CoDMs installed in various retail establishments, the BSP expects wider public use that will lead to more efficient coin recirculation in the country,” the central bank said.
The BSP has completed its goal of deploying 25 coin deposit machine units across Metro Manila and other nearby provinces. The central bank began deploying CoDM units in June in partnership with Filinvest Lifemalls Corp., Robinsons Supermarket Corp., and SM Retail, Inc.
BSP Deputy Governor Bernadette Romulo-Puyat told reporters on Wednesday that the central bank is looking to roll out more machines across the country, adding that the BSP has been asked to set up some in Cebu, Davao, Pampanga, and Baguio.
“Right now, we are just assessing [the existing machines]. We’re talking to the provider how to make the machines better because the machines are usually jammed,” she said in mixed English and Filipino.
The machines can get stuck if the coins deposited are taped or bundled or if a consumer deposits foreign objects such as nails, tokens, and screws, she said.
“The ideal is when we deploy coin deposit machines, it would be stand-alone,” Ms. Romulo-Puyat said. “Now, the machines need technical assistance all the time.”
The demand for coin deposit machines has been higher than expected, with people lining up to deposit coins, she added.
“People have warmed up to it. The mere fact that people are asking when the BSP will deploy units in their area means people are looking for it,” she added.
The BSP has installed coin deposit machines in SM Megamall in Mandaluyong City, SM City Grand Central in Caloocan, SM City Marilao in Bulacan, SM City Taytay Rizal, SM Hypermarket FTI in Taguig City, SM Southmall in Las Piñas City, SM City Sucat in Parañaque, SM City Calamba, SM City Marikina, SM City San Mateo Rizal, SM City Valenzuela, Robinsons Place Metro East in Pasig City, Robinsons Place Antipolo City, Rizal, Robinsons Place Novaliches and Robinsons Place Magnolia, Quezon City.
The value of coins deposited in CoDMs may be credited to the depositor’s e-wallet account or converted into a shopping voucher for over-the-counter transactions. Customers depositing coins can credit the equivalent amount to their GCash or Maya e-wallets.
All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDM. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machine and returned to the depositor. — Keisha B. Ta-asan
