The launch event of the coin deposit machines (CoDMs) at Robinsons Place Manila and SM Mall of Asia in Manila was led by BSP Governor Felipe Medalla and Robinsons Retail Holdings president and CEO Robina Gokongwei-Pe. This groundbreaking initiative, a collaboration between the Bangko Sentral ng Pilipinas (BSP) and the SM and Robinsons groups, aims to recirculate idle coins by incentivizing consumers to convert them into e-wallet credit or shopping vouchers. As part of the first phase, three CoDMs have been introduced, with two at SM Mall of Asia and one at Robinsons Place Manila. Another CoDM has been launched at Festival Mall in Muntinlupa, nine months after BSP signed agreements with SM, Robinsons, and Filinvest for the deployment of 25 CoDMs across the Greater Manila Area.
BSP Deputy Governor Bernadette Romulo-Puyat expressed that the launch of this project is a significant milestone as it not only enables the conversion of coins into more spendable forms but also facilitates digital payment transactions. The CoDMs accept all denominations from the BSP Coin Series and the New Generation Currency Coin Series, including the one-, five-, 10- sentimo coins and the one-, five-, 10-piso coins.
In conclusion, this innovative initiative by BSP, in partnership with SM and Robinsons, aims to promote the recirculation of idle coins and facilitate digital payment transactions. The launch of these CoDMs marks a major milestone in the financial landscape, offering consumers more options for utilizing their loose change while promoting the adoption of digital payment methods.
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