P12.5M in coins return to circulation via deposit machines
A mall shopper uses the coin deposit machine deployed at the SM Store in North Edsa, Quezon City on Sunday, July 30, 2023. (Photo by GRIG C. MONTEGRANDE / Philippine Daily Inquirer)
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) was able to bring back into circulation a total of P12.5 million in various coins through 10 coin deposit machines (CODMs) that were launched in select shopping malls since June 20.
The rollout of CODMs throughout the past six weeks started with two units installed at SM Mall of Asia in Pasay City and one each at Robinsons Place Ermita (Manila) and Festival Mall in Muntinlupa City.
The rest were spread out across SM City San Lazaro, SM City Bicutan, SM City Bacoor, Robinsons Place Galleria Ortigas, SM City North Edsa and SM City Fairview.
BSP Deputy Governor Bernadette Romulo Puyat said 15 more units from a US supplier would complete the planned initial deployment of 25 CODMs.
“It is amazing how consumers adopted the use of the (CODMs) over such a short period,” she said in an interview.
Puyat said the launching of the CODMs was intended to put idle coins back in circulation by encouraging consumers to convert these into e-wallet credit or shopping vouchers.
The machines accept all denominations, such as the 1-, 5-, 10- and 25-Sentimo coins and the 1-, 5-, 10- and 20-Piso coins of the BSP Coin Series and the New Generation Currency Coin Series.
When the first CODM units were launched, then BSP Governor Felipe Medalla noted that Filipinos tend to accumulate “an unbelievable amount” of coins at home—which represented a significant amount of money not being used in the economy.
This could create an artificial shortage of coins, which defeats their intended purpose as a medium of exchange.
With the CODMs, coin holders have the opportunity to use the metal money without the hassle of spending time in the bank depositing these in their accounts.
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