BSP Relaunches Coin Deposit Machines in SM Malls

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is planning to launch coin deposit machines in Cebu in November ahead of a nationwide rollout, with dedicated maintenance support to help keep the machines operational. BSP Deputy Governor Bernadette Romulo-Puyat said the launch could take place on Nov. 17, although the schedule remains tentative. “We decided to launch the coin deposit machines in Cebu, but the units will be all over the country,” she told reporters. The coin deposit machines allow the public to deposit loose change and convert the value into e-wallet credits or shopping vouchers, helping bring idle coins back into circulation. Puyat earlier said that the central bank is targeting to fully deploy 50 coin deposit machines nationwide by January next year. It aims to relaunch 25 units in the greater Manila area and put up another 25 all over the country, particularly in Pampanga, Baguio, Cebu and Davao. For the relaunch, the BSP partnered with SM to reduce the cost of operating the machines. Under the new arrangement, dedicated personnel will attend to machine problems, addressing a concern that can prevent consumers from using the service. She said SM would take on coin retrieval and verification, tasks previously handled by the central bank. Further details of the arrangement will be released later. The planned rollout comes alongside the BSP’s efforts to expand access to financial services and encourage wider use of digital payments. Puyat said more than 1,000 local government units have adopted QR payments, allowing customers to pay participating market vendors by scanning a code using a compatible banking or e-wallet app. However, adoption by local governments does not automatically translate into widespread use. Poor connectivity remains an obstacle for market vendors and their customers, even in areas where local officials support cashless transactions. Meanwhile, consumer complaints received by the BSP have already reached around 120,000 this year, matching the total recorded last year, according to Puyat. “It’s not even the end of the year, but we have already reached that,” she said. She linked the growing volume partly to greater public awareness that consumers can seek assistance from the central bank. Account management concerns, including how to open and close accounts, remain the leading category of complaints. Fraud and protection concerns rank fourth, she said, adding that the BSP would provide the detailed breakdown. She said complaints largely come from Metro Manila and surrounding areas, although the BSP observes increased submissions from other regions after conducting information campaigns. Despite the availability of digital channels, some consumers still prefer visiting branches to seek assistance in person, she said.