The Bangko Sentral ng Pilipinas teamed up with retailers for the deployment of coin deposit machines to promote efficient coin recirculation in the country.
BSP Governor Felipe Medalla, SM Retail Inc. controllership and financial planning senior vice president Jonathan Ng, Filinvest Land Inc. deputy chief finance officer Janeth de los Reyes and Robinsons Supermarket managing director Stanley Co recently signed a memorandum of agreement to install 25 coin deposit machines in select retail establishments in Greater Manila and nearby provinces.
Automated coin deposit machines will allow customers to conveniently deposit coins and redeem their accumulated value from partner retail establishments through shopping vouchers or rewards card points. Alternately, customers may opt to directly credit the amount to their participating bank accounts or electronic wallets.
Fit coins collected from the machines will be returned into circulation when partner retailers use them as change for over-the-counter payments of good and services. Unfit coins will be removed from circulation and retired by the BSP.