The public will soon be able to deposit coins through machines set to be deployed initially in the Greater Manila Area, in a bid to promote efficient recirculation in the country.
The Bangko Sentral ng Pilipinas (BSP) over the weekend said it will deploy an initial 25 coin deposit machines in Metro Manila and nearby provinces, in partnership with major retailers in the country.
According to the central bank, the coin deposit machines (CoDMs) will allow customers to deposit coins and redeem their accumulated value from partner retail establishments.
The customers will be able to get the value through shopping vouchers or reward card points, or they may opt to directly credit the amount to participating bank accounts or electronic wallets.
This comes as the BSP inked a memorandum of agreement (MOA) with representatives of retailers such as SM Retail Inc., Filinvest Land Inc., and Robinsons Supermarket.
The coins collected from the machines will be returned into circulation when the partner retailers use them as change for over-the-counter payments, while unfit coins will be removed from circulation and retired by the BSP.
“There is a problem when it comes to recirculating coins: some people hoard or collect them while some people leave them behind altogether, leading to an artificial coin shortage. This defeats their intended purpose as a medium of exchange,” Governor Felipe Medalla said in an emailed statement.
“That’s why we hope that this project will solve problems for everyone: businesses, financial institutions, and the public. I’m very optimistic that after a two-year pilot run, we will be able to deploy these machines [in more locations] and I am confident that the benefits will be realized,” he added.
The BSP said coins per capita has climbed by 584% in the past 17 years, hitting up to 342 pieces in June this year from only 50 pieces in 2005, with the central bank ramping up production to meet growing demand. — LBG, GMA News