Coin deposit machines log P577 million transactions

March 31, 2024 | 12:00am

MANILA, Philippines — The value of transactions through the coin deposit machines deployed by the the Bangko Sentral ng Pilipinas (BSP) is close to reaching the P600-million mark, as more and more Filipinos use the machines to deposit their idle coins.

BSP data showed that as of March 15, the coin deposit machines have gathered 162 million coins worth P577.4 million.

The machines have completed 147,517 transactions since the deployment started in June last year as part of the BSP’s coin recirculation program.

BSP Deputy Governor Bernadette Romulo-Puyat earlier said the central bank was looking to double the number of coin deposit machines this year, after completing the rollout of the first 25 coin deposit machines in Metro Manila and nearby provinces.

The BSP previously said it would determine whether the project would be expanded to other regions and if the number of machines would be increased a year after its launch.

The central bank had also said it hoped to partner with both traditional and digital banks to enable the crediting of deposited coins to bank accounts.

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).

Customers of SM Stores and Festival Mall may also redeem the value of their deposited coins in the form of shopping vouchers.

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 BSP and its partner retailers initially mounted coin deposit machines at 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.

The machines are also 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; Robinsons Place Antipolo, Rizal; and Robinsons Place Magnolia.

The Philippines has a coin per capita of 400 pieces per Filipino, with a total of 39 billion coins in circulation to cater to 100 million Filipinos.

Similar to other central banks around the world, the BSP continues to incur losses from minting coins rather than printing banknotes.