BSP deploys more coin deposit machines

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) continues to ramp up the deployment of coin deposit machines in various malls operated by the Sy, Gokongwei and Gotianun families.

Latest data from the central bank showed a total of 19 coin deposit machines have been activated in various SM, Robinsons and Festival malls in Metro Manila and nearby provinces.

The BSP has 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.

According to the BSP, it aims to deploy 25 coin deposit machines this year after which it will conduct an assessment to determine whether the project will be expanded to other regions or whether the number of machines will be increased to accommodate more depositors and idle coins.

So far, coin deposit machines have been deployed at SM City Taytay, SM City Grand Central,  SM City Marilao,  SM City Fairview,  SM City North Edsa,  SM City San Lazaro, SM Megamall, SM City Bicutan,  SM City Bacoor, SM Southmall, SM City Sucat and SM Hypermarket FT.

Likewise, the BSP has also deployed coin deposit machines at Gokongwei-owned malls, including Robinsons Place Metro East, Robinsons Place Novaliches and Robinsons Galleria.

According to the BSP, the machines have recorded over 20,000 transactions worth P87.4 million. 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.

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

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, the BSP continues to lose money from the minting of coins than the printing of banknotes.

BSP Deputy Governor Bernadette Romulo-Puyat earlier 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.