THE Bangko Sentral ng Pilipinas is planning to expand its services for depositors using coin deposit machines (CoDMs) by allowing direct-to-bank crediting of coins deposited via the machines installed in malls around Metro Manila.
Coins deposited through CoDMs are currently credited to e-wallet accounts or converted into shopping vouchers. But based on records, 99 percent of depositors opt to credit the amount to their e-wallet, according to the central bank.
As of February 21, 2024, around P510 million worth of coins have been deposited through CoDMs since August 2023.
The BSP launched the project to address the artificial coin shortage and to bring back coins in circulation.
BSP Deputy Governor Bernadette Romulo-Puyat told reporters that with the overwhelming response, the central bank is planning to add an option where depositors can credit the amount directly to their bank accounts.
“Ang dami kasing nagtatanong if pwede i-credit sa bangko, hopefully within the year. We adjust it to what the consumers want,” Romulo-Puyat said.
She noted that the largest single transaction on the CoDM amounted to P200,000.
The central bank is targeting to onboard three to five banks in the system within the year.
It is also looking to tap more digital banks in addition to Maya and e-wallet platform GCash.
The BSP has so far deployed 25 CoDMs in Metro Manila.
Romulo-Puyat hopes to double the number of CoDMs this year, expanding to provinces outside Metro Manila.
“We’re still talking to the provider. Ipapa-bid out pa ‘yon kung magkano. We’re asking if we’re going to lease all over the country,” Romulo-Puyat said.
The central bank is also coordinating with other retailers who are willing to deploy CoDMs in malls.
Robinsons Retail Holding Inc. President and CEO Robina Gokongwei-Pe underscored the importance of bringing back coins in circulation for retailers.
“These shortages happen when people hoard or forget about the coins in their drawers. When a lot of people do this, the national coin supply is affected leading some banks not to have enough coins. Retailers like us end up looking for barya in unconventional places. We go to gas stations or local church just to provide the essential service of “sukli,” Gokongwei-Pe said. (ABS-CBN News)
