It’s just a lowly coin (“barya”), alright, but did you know that there is now a perceived shortage of coins in some parts of the country today? This only indicates that coins are not being recirculated effectively in the country.
Left unchecked, then this situation could require the Bangko Sentral ng Pilipinas (BSP) to produce more coins which, in turn, would translate into significant costs because the production of coins entails negative “seigniorage”. This is because the intrinsic value of the coin is far greater than its nominal value, especially for the lower-denominated coins, such as the 25-; 10-; 5-; and 1-sentimo coins.
Monetary Board (MB) Member Benjamin E. Diokno (third from right) hands over the certificate of appreciation as a Coin Deposit Machine Project partner retailer to Robinsons Retail Holdings, Inc. (RRHI) President and Chief Executive Officer Robina Gokongwei-Pe (fourth from right). Joining them are (from left) Robinsons Malls Executive Vice President and Business Unit General Manager Faraday Go, Bangko Sentral ng Pilipinas (BSP) Managing Director Rosabel B. Guerrero, MB Member Rosalia V. De Leon, RRHI Chief Operating Officer Stanley Co, BSP Deputy Governor Bernadette Romulo-Puyat, and Pasig City Mayor Vico Sotto.
Cognizant of such a need, the BSP held its first meeting on March 21, 2005, to address problems arising from the “poor” circulation of Philippine current. In that meeting, it was reported that there were only 11.1 billion pieces of coins in circulation, 6.7 billion pieces of which were low-denomination coins.
This situation brought coins per capita to 121, way above the ASEAN standard of 50 pieces. Yet, demand remained unfilled in many parts of the country because coins are not being recirculated or used regularly by the public.
Coins were either kept inside bank vaults, in piggy banks, inside drawers, used as washers, or worse, thrown away as an inconvenience. But that all could soon change, thanks to the BSP’s coin recirculation project which saw the installation of Coin Deposit Machines (CoDMs) in various retail outlets throughout the country.
Gaining public trust and support
Today, this coin recirculation program of the BSP has continued to gain public support as its Coin Deposit Machines (CoDMs) passed the 145.5 million mark in the number of coins received and processed as of February 21, 2024, or barely eight months after its launch in June 2023.
BSP Deputy Governor Bernadette Romulo-Puyat disclosed this at the CoDM Project Milestone and Retail Appreciation Ceremony, where she highlighted the strong support of Pasig City Mayor Victor Ma. Regis “Vico” N. Sotto, and Robinsons Retail Holdings, Inc. President and CEO Robina Gokongwei. The event was held earlier this month at Robinsons Metro East in Pasig City.
Since June 2023, the BSP has installed 25 CoDMs in the Greater Manila Area.
CoDMs allow customers to conveniently deposit their legal tender coins, which include the BSP Coin Series and the New Generation Currency Coin Series, composed of 1-, 5-, 10-, and 25-Sentimo; and 1-, 5-, 10-, and 20-Piso that will be credited to their GCash or Maya electronic wallet accounts or converted into shopping vouchers.
Alternatively, customers of SM Stores and Festival Mall may redeem the value of their deposited coins through shopping vouchers that can be used in SM Stores nationwide.
The coin deposit machines support the BSP’s Coin Recirculation Program which aims to put idle coins back in circulation to serve the currency needs of the country.
In cooperation with partner retailers and electronic money issuers, the CoDMs also promote a cash-lite economy with the adoption of payment digitalization.
In Metro Manila, CoDMs are deployed at Robinsons Place Metro East, Pasig City; Robinsons Place in Novaliches, Quezon City (QC); Robinsons Place Magnolia, QC; Robinsons Place Ermita, Manila; Robinsons Place Galleria, Ortigas; Festival Mall, Muntinlupa City; SM Megamall, Mandaluyong City; SM City Grand Central, Caloocan; SM Hypermarket FTI, Taguig City; SM Southmall, Las Piñas City; SM City Marikina; SM City Sucat, Parañaque; SM Mall of Asia, Pasay City; SM City North EDSA, QC; SM City Fairview, QC; SM City San Lazaro, Manila; and SM City Bicutan in Parañaque.
Outside Metro Manila, there are also CoDMs in Robinsons Place Antipolo, Rizal; SM City Marilao, Bulacan; SM City Calamba; SM City San Mateo, Rizal; SM City Valenzuela; SM City Taytay, Rizal; and SM City Bacoor, Cavite.
For more information on the CoDM Project, visit the CoDM microsite or visit the BSP website and social media pages. For inquiries or concerns, contact the CoDM Support Hotline at +63 (02) 8-689-3599 or codm@bsp.gov.ph.