The Bangko Sentral ng Pilipinas (BSP) is increasing the deployment of coin deposit machines across major malls operated by prominent families in the Philippines, including the Sy, Gokongwei, and Gotianun families.
Recent data from the central bank reveals the activation of 19 coin deposit machines in SM, Robinsons, and Festival malls situated in Metro Manila and nearby provinces.
In collaboration with SM Retail Inc., Robinsons Supermarket Corp., and Filinvest Lifemalls Corp., BSP initially deployed two deposit machines at SM Mall of Asia and one each at Robinsons Place Manila and Festival Mall in Alabang.
The BSP has set a target to deploy a total of 25 coin deposit machines this year, with plans to assess the project’s success for potential expansion to other regions or an increase in the number of machines to accommodate more depositors and idle coins.
Current deployments cover various SM malls including the following:
- SM City Taytay
- SM City Grand Central
- SM City Marilao
- SM City Fairview
- SM City North Edsa
- SM City San Lazaro
- SM Megamall
- SM City Bicutan
- SM City Bacoor
- SM Southmall
- SM City Sucat
- SM Hypermarket FT
Moreover, coin deposit machines are also accessible in Gokongwei-owned malls like:
- Robinsons Place Metro East
- Robinsons Place Novaliches
- Robinsons Galleria.
Since their introduction, the coin deposit machines have facilitated over 20,000 transactions amounting to PHP87.4 million.
They accept various coin denominations, including 1-, 5-, 10-, and 25-centavos, as well as P1, P5, P10, and P20 coins from both the BSP Coin Series and the New Generation Currency Coin Series.
These machines provide customers with a convenient way to deposit legal tender coins, crediting the equivalent amount directly to their GCash electronic wallets. The move is particularly significant in a country where the per capita coin count is 400 pieces, with approximately 39 billion coins in circulation for a population of 100 million Filipinos.
BSP Deputy Governor Bernadette Romulo-Puyat noted that the Philippines stands among the first in Southeast Asia to implement auto-crediting to electronic wallet accounts, ensuring the seamless transfer of the deposited coin value to e-wallets. The ongoing effort aligns with global trends where central banks are seeking ways to optimize coin management amidst the challenges of coin minting costs.
