ILOILO City – The Bangko Sentral ng Pilipinas (BSP) is optimistic about deploying coin deposit machines (CoDMs) in the Visayas, including Western Visayas, following the success of the initiative in Luzon since its launch in 2023.
Currently, CoDMs are only available in Luzon, with no machines yet installed in the Visayas. According to Anna Clara M. Oville, BSP Visayas Regional Office director, the rollout in Visayas is already in the pipeline, with Cebu identified as the initial area of deployment.
“Right now, the machines are allocated for Luzon. However, plans are underway to expand to the Visayas, with Cebu being the priority location. We’re still awaiting delivery of machines for Luzon before distribution to other regions,” said Oville in an interview with Panay News.
Partnership with Malls Key to Expansion
Oville explained that deploying CoDMs in a location requires a partnership with malls, which will manage the machines. Currently, BSP has agreements with SM, Robinsons, and Filinvest malls.
“The partnership with malls is critical. They will host and manage the machines, ensuring smooth operations,” Oville added.
How CoDMs Work
The machines allow individuals to deposit their idle coins at designated locations, such as partner malls. The total value of deposited coins can be credited to e-wallet accounts or converted into shopping vouchers, which can be used for purchases in the mall.
The BSP advises users to ensure coins are untaped, unbundled, and free of foreign objects like buttons or screws. Users can choose between crediting e-wallets (e.g., GCash, Maya, GoTyme) or receiving shopping vouchers upon completing a transaction.
Success in Luzon
Since the program’s launch, CoDMs in Luzon have facilitated the collection of over P1 billion worth of coins, amounting to 260 million pieces, through more than 240,000 transactions. The BSP emphasizes that CoDMs promote efficient coin recirculation, addressing artificial shortages and ensuring a steady supply of fit currency for public use.
As of October 11, 2024, the total value of coins collected via CoDMs has reached P1,008,889,490.24.
Expansion Plans
To build on this success, the BSP plans to install 25 additional CoDMs nationwide in 2025. By increasing accessibility, the BSP aims to make it easier for Filipinos to deposit idle coins, contributing to efficient recirculation while encouraging cashless transactions.
Current Locations
CoDMs are currently available at 25 locations in Luzon, including Robinsons and SM malls in Metro Manila and neighboring provinces.
The BSP hopes that the expansion to Visayas will replicate Luzon’s success, ensuring the benefits of CoDMs reach more communities and support the country’s push for financial inclusion and modernized currency handling. (With reports from BSP)/PN
