BSP Governor Felipe Medalla and Robinsons Retail Holdings Chief Executive Officer Robina Gokongwei-Pe lead the CoDM launch at Robinsons Place Manila-contributed photo
MANILA — The Bangko Sentral ng Pilipinas, in partnership with SM and Robinsons Groups, separately launched the first three of a planned initial batch of 25 coin depositing machines (CoDMs) on Tuesday in what the BSP touted as an effort pioneer in Southeast Asia.
This effort aims to recirculate unused coins by encouraging consumers to convert their coins into e-wallet credit or vouchers.
The first two units were commissioned at SM Mall of Asia in Pasay City and a third at Robinsons Place Manila.
BSP Deputy Governor Berna Romulo-Puyat, Governor Felipe Medalla and SM Investments Vice President Teresita Sy-Coson at the CoDM launch at SM Mall of Asia- contributed photo
BSP Deputy Governor Bernadette Romulo-Puyat said another at the Festival Mall in Muntinlupa was also deployed.
This came nine months after BSP signed agreements with SM and Robinsons as well as Filinvest Group in August 2022 on the deployment of 25 CoDMs in the Metro Manila area.
During the launch ceremony, Puyat said the launch of the project was an important milestone as converting coins into more usable forms will also enable digital payment transactions.
CoDMs accept all denominations, such as one, five and 10 sentimo coins and one, five and 10 piso coins from the BSP coin series and the new generation coin reel series.
(left) BSP Coin Series (1995-present) and New Generation Coin Series (2018-present)
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