Central bank to address operational issues before redeploying coin deposit machines
THE BANGKO SENTRAL ng Pilipinas (BSP) is working to address issues to resume the operations of its coin deposit machines (CoDMs) as it wants to expand the project’s reach beyond Metro Manila to promote currency recirculation.
“If it were up to me, the CoDMs would be redeployed now. But there are a lot of moving parts,” BSP Deputy Governor Bernadette Romulo-Puyat told reporters late on Tuesday.
The central bank suspended the operation of its 25 CoDMs installed in select malls in the Greater Manila Area starting June 17. The BSP and its retail partners launched the machines in June 2023 to promote coin recirculation.
“The BSP is implementing the temporary suspension to conduct a thorough review of how to re-circulate idle coins and serve Filipinos’ coin exchange needs even better. Following the review, the BSP will relaunch the Coin Deposit Machines as part of its commitment to enhancing its coin recirculation program,” the regulator said in a May 16 advisory.
Ms. Romulo-Puyat said the central bank is working on concerns related to the machines’ first-level maintenance as some of the units would be out of order due to jamming or being full.
The BSP is also coordinating with both malls and banks regarding the recirculation of coins collected by the machines, she said.
“Ideally, what we want for the malls is for them to recirculate the coins via retail and not bring them to the banks. Right now, the coins are collected and deposited with banks,” Ms. Romulo-Puyat said.
“We want everything to be more seamless, and then we expand it (the CoDM project) all over the country.”
Internet connectivity issues would also need to be addressed as part of the planned expansion, the BSP official added, since the machines allow customers to credit the value of their deposited coins directly to their e-wallets.
“We know how good the project is, and we also recognize the need to expand it to the provinces and the challenges that comes with it.”
She added that other private sector entities are also interested in having coin deposit machines. — AMCS
