To resolve the coin shortage problem caused by improper storage or disposal, the Bangko Sentral ng Pilipinas (BSP) has initiated the deployment of coin deposit machines in malls owned by well-known families such as Sy, Gokongwei, and Gotianun.
At the launch event, BSP Governor Felipe Medalla, accompanied by SM Investments Corp.
Vice Chairperson Tessie Sy and Robinsons Retail Holdings Inc. President and CEO Robina Gokongwei-Pe, announced the deployment of 25 initial machines in various locations across Greater Manila.
Through partnerships with SM Retail Inc., Robinsons Supermarket Corp., and Filinvest Lifemalls Corp., the central bank has already installed two coin deposit machines at the SM Mall of Asia, one at Robinsons Place Ermita in Manila, and one at the Festival Mall in Alabang, Muntinlupa.
Moreover, six additional machines will soon be deployed in different areas within the metropolis.
By August this year, the BSP intends to deploy the remaining 15 machines in other establishments.
Following the launch, the central bank will evaluate the project’s performance after a year to determine the need to expand into other regions or increase the number of machines to accommodate more depositors and unused coins.
Highlighting the current situation, Medalla emphasized that the average number of coins per person in the Philippines is 400, with 39 billion coins circulating among the country’s 100 million population.
He also acknowledged that, like central banks worldwide, the BSP incurs higher costs from producing coins compared to printing banknotes, and this issue worsens over time.
These coin deposit machines offer customers a convenient method to deposit legal tender coins, with the equivalent amount directly credited to their GCash electronic wallets.
Additionally, the BSP is collaborating with Maya, an electronic money issuer, to expand the project and provide more options to the public, aligning with their agenda of digitizing payments and promoting financial inclusion.
BSP Deputy Governor Bernadette Romulo-Puyat emphasized the Philippines’ pioneering role in Southeast Asia by mentioning that the value of deposited coins can be automatically credited to electronic wallet accounts.
Alternatively, customers at SM MOA and Festival Mall can redeem the value of their deposited coins as SM shopping vouchers.
These coin deposit machines accept a range of denominations, including 1, 5, 10, and 25 centavos, as well as coins from the BSP Coin Series and the New Generation Currency Coin Series, such as P1, P5, P10, and P20.
Recognizing the significance of coins in daily transactions, Jonathan Ng, SM Retail Chief Finance Officer, acknowledged the challenges consumers and businesses face when handling and managing coins.
Introducing coin deposit machines aims to address these challenges and revolutionize how loose change is handled.
Steven Tan, President of SM Supermalls, confirmed the ongoing partnership between the SM Group and BSP, focusing on promoting financial inclusion, cashless payments, digitalization, and the coin recirculation program.
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