The Bangko Sentral ng Pilipinas said it signed a deal with partner retailers for the deployment of Coin Deposit Machines (CoDM) in a bid to promote coin recirculation.
In a statement, the central bank said it has recently signed a memorandum of understanding with SM Retail Inc, Filinvest Land Inc and Robinsons Supermarket for the deployment of 25 coin deposit machines in select retail establishments in greater Manila and nearby provinces.
The automated CoDMs will allow consumers to deposit coins and redeem accumulated value from partner retail establishments through shopping vouchers or reward card points, the BSP said.
Customers can also opt to credit the amount to their participating bank accounts or e-wallets, it added.
Coins collected from the machines will be returned into circulation when partner retailers use them as change for over-the-counter payments of goods and services, the BSP said, adding that unfit coins would be retired.
“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,” said BSP Governor Felipe Medalla.
“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,” the Governor added.
Coins per capita rose by 584 percent over the past 17 years or up to 342 pieces in June from 50 pieces in 2005, data showed. The BSP said it has increased coin production to meet the growing demand.
