THE Philippine central bank has so far collected almost P888.7 million from coin deposit machines introduced last year to enhance money circulation.
The Bangko Sentral ng Pilipinas (BSP) reported on Friday that the number of coin deposit machine transactions reached 214,475 as of August 15 with 236 million coins having been deposited and exchanged for e-wallet credits or shopping vouchers.
The program, which the BSP said would “address the artificial coin shortage in certain areas of the country and help ensure that only fit and legal tender currency is readily available for public use,” was launched in June 2023 under partnerships with Filinvest Lifemalls Corp., Robinsons Supermarket Corp. and SM Retail Inc.
FORUM Jonathan Choi Koon-shum, chairman of the Chinese General Chamber of Commerce Hong Kong, speaks during a Philippines-China Relations forum titled, ‘Exploring Opportunities with Guandong-Hong Kong-Macao Greater bay Area,’ held at Conrad Manila in Pasay City on Aug. 22, 2024. PHOTO BY J. GERARD SEGUIA
Twenty-five machines were rolled out in malls owned by SM, Robinsons and Filinvest in Metro Manila and nearby cities.
BSP Deputy Governor Bernadette Romulo-Puyat announced that an additional 25 coin deposit machines will be introduced next year, postponing the original plan to roll them out this year due to unforeseen delays.
She mentioned that cities like Cebu, Davao, Naga, Pampanga, and Baguio are being considered as locations for these machines.
Coins will be credited to the depositor’s GCash or Maya accounts or converted into shopping vouchers. The e-wallet accounts should be valid, active and within prescribed transaction limits, the central bank has said.
All denominations of the BSP Coin Series and New Generation Currency Coin Series are accepted.
The coins should not be taped or bundled, must not come with other objects like buttons, tokens or washers, and should be placed gently in the machine’s coin slot, the BSP also said.
Be the first to comment