• October 4, 2023

Got loose coins lying around at home? Or maybe your piggy banks are full? It’s about time you put them to good use.

The Bangko Sentral ng Pilipinas (BSP) and SM Store have deployed the first coin deposit machine (CoDMs) at the SM Store in SM Mall of Asia last June 20. This is the first of 18 coin machines that will be available at SM Stores and SM Supermarkets.

The BSP-initiated project aims to boost its Coin Recirculation Program and to promote financial inclusion and digitalization.

With these machines, SM shoppers can now conveniently deposit their coins and credit the corresponding value to their e-wallets, or convert them to vouchers redeemable at SM Store outlets.

According to the BSP, there were 11.1 billion pieces of coins in circulation since December 2005, 6.7 billion pieces of which were low-denomination coins. This brought coins per capita to 121, way above the ASEAN standard of 50 pieces. However, the demand remains unfilled in many parts of the country because coins are not being recirculated, or used regularly by the public. 

“Hopefully, this will help solve the artificial coin shortage commonly experienced in the provinces. More enhancements are also expected as we roll out this game-changing project. With the support of our partners and stakeholders, the BSP is optimistic that this initiative will significantly reinforce coin circulation in the country for the benefit of the Filipino people,” said BSP Governor Felipe Medalla.

Last year, the BSP signed a Memorandum of Agreement (MOA) with SM and other retailers for the deployment of CoDMs in their malls. This move signaled the start of installing initial 25 coin deposit machines in Metro Manila and nearby provinces.

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