The Asian Banker Sunday, 14 July 2024

BSP deploys more coin deposit machines

5 min read

The Bangko Sentral ng Pilipinas (BSP) has deployed 15 additional coin deposit machines (CoDMs) in the last few weeks, bringing to 25 the total number of units available across the Greater Manila Area.

The first CoDMS were launched last June. The highest single transaction recorded so far among the CoDMS is worth PHP100,260 ($1,763).

The recently-installed machines are 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 (QC); Robinsons Place Antipolo, Rizal; and Robinsons Place Magnolia, Quezon City.

Earlier, the BSP and its partner retailers mounted CoDMs at the 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.

As of end-September 2023, a total of PHP98.8 million ($1.73 million) worth of coins have been deposited into the machines, equivalent to 37.2 million pieces of coins from over 37,000 transactions. 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.

CoDMs allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash or Maya electronic wallets (e-wallets).

Alternatively, customers of SM Stores and Festival Mall may redeem the value of their deposited coins in the form of SM shopping vouchers.

The BSP likewise reminds the public to ensure that coins for deposit must not be taped or bundled; must not include foreign objects, such as buttons, magnets, nails, tokens, and screws; and should be placed in the machine’s coin slot by the handful.

Customers are also advised to ensure that their e-wallet accounts are valid and active and that their transactions are within the prescribed wallet and transaction limits of their e-wallet service provider.

Re-disseminated by The Asian Banker

Attend Our Next Events
Finance Vietnam 2024
18 July 2024
Finance Thailand 2024
25 July 2024
Finance Indonesia 2024
12 September 2024
Finance Philippines 2024
26 September 2024