On June 20, 2023, the Bangko Sentral ng Pilipinas began the deployment of its Coin Deposit Machines (CoDM) in selected locations around the Greater Manila Area to promote efficient coin recirculation among the transacting public. Through the CoDM project, the BSP encourages Filipinos to deposit their idle or unused coins at accessible and convenient coin exchange facilities in participating malls.
In collaboration with Robinsons Retail (participating through its Robinsons Supermarket banner), SM Retail, Inc., and Filinvest Lifemalls Corporation, the first four of the BSP's CoDMs went live — one in Robinsons Place Ermita in Manila, two in SM Mall of Asia in Pasay, and one in Festival Supermall in Muntinlupa. Six additional machines are scheduled to become operational in the days following the initial launch. In total, the first phase of the project will have 25 operational CoDMs by August 2023.
In her remarks given during the launch ceremony held in Robinsons Place Ermita, Robinsons Retail President and CEO Robina Gokongwei-Pe said, “Coins are an essential part of our monetary system, alongside other types like paper and digital currencies. They support economic activity, making it possible for individuals like our customers to buy goods and avail of services smoothly. When coins are hoarded or forgotten, the balance of our monetary system is disrupted and we face challenges like artificial shortages.”
When coins are in short supply, there is a direct impact on retailers, said Pe, as sourcing enough change for cash-based transactions becomes difficult. As such, Robinsons Retail happily welcomes and strongly supports the BSP’s CoDM project.
Outgoing BSP Governor Felipe M. Medalla noted that there are 39.1 billion pieces of coins in circulation as of April 2023, although a large portion of these are often stored at home thus contributing to the artificial coin shortage. According to BSP data, the average Filipino had 121 pieces of coins in 2005. By April 2023, that figure had risen to 358 pieces of coins for each Filipino.
With the new CoDMs, customers can conveniently deposit their coins and directly credit the equivalent amount to their GCash electronic wallets. The BSP is working to onboard Maya, another electronic money issuer, to provide more options to the public. “With the option to credit the value of deposited coins to e-wallets, the CoDM project also promotes the use of digital payments and strengthens financial inclusion,” said the BSP in a statement.
The CoDMs shall accept all denominations, i.e., 25 sentimo and the 1, 5, and 10 piso coins of the BSP coin series and the 1, 5, 10, and 20 piso coins of the New Generation Currency coin series.
For more information on the CoDM project, please refer to the BSP's Frequently Asked Questions or visit the BSP website and social media pages for updates.
For more information on Robinsons Retail Holdings, visit robinsonsretailholdings.com.ph
