The Bangko Sentral ng Pilipinas said Tuesday the coin deposit machines (CoDM) installed at selected shopping malls in the country were able to convert millions of idle coins into e-wallet credits and shopping vouchers since it was launched in June this year.
BSP Deputy Governor Bernadette Romulo-Puyat said the CoDMs received 42.4 million coins valued at P114.9 million in less than four months, or from its launching on June 20 to Oct. 6, 2023.
She said the CoDMs improved coin circulation in the country and encouraged people to convert the coins they saved into e-wallet credits like GCash and Maya and shopping vouchers.
Fit coins collected through the machines are issued to partner retailers who use them for their daily transactions.
“We would like to thank our participating retailers and coin savers, especially those who have been promoting the usage of CoDMs on social media, for being instrumental in the program’s continued popularity and success,” she said.
The BSP said that as of Oct. 10, CoDMs were fully operational in key locations within the Greater Manila Area such as two at SM Mall of Asia in Pasay City; and one each at SM City North EDSA, Quezon City; SM City Fairview, QC; SM City San Lazaro, Manila; SM City Bicutan, Parañaque; SM City Bacoor, Cavite; SM Megamall, Mandaluyong City; SM City Grand Central, Caloocan; SM City Marilao, Bulacan; SM City Taytay, Rizal.
Also included are SM Hypermarket FTI, Taguig City; SM Southmall, Las Piñas City; SM City Sucat, Parañaque; SM City Calamba; SM City Marikina; SM City San Mateo, Rizal; SM City Valenzuela; Robinsons Place Ermita, Manila; Robinsons Place, Galleria, Ortigas; Robinsons Place Metro East, Pasig City; Robinsons Place Novaliches, QC; Robinsons Place Antipolo, Rizal; Robinsons Place Magnolia, QC; and Festival Mall, Muntinlupa City.
BSP deputy director Jann Ryan Jose said the use of the coin deposit machines was conceptualized in 2021. “A case was made for a cash recycler program because we had about 36 billion coins in circulation then, but there seemed to be an artificial shortage in some areas in the Philippines,” he said.
The BSP said that as of April 2023, there were 39.1 billion coins circulating in the Philippines. This means that on average, each Filipino has around 358 coins. The figure is almost three times the 2005 average of 121 coins per individual.
When coins are not recirculated and left idle, an artificial coin shortage can happen in certain regions. This increases the likelihood of businesses shortchanging their customers, a violation of Republic Act No. 10909 or the “No Shortchanging Act of 2016.”Shortchanging is the act of giving insufficient or no change to a consumer who purchased a product or service.