Coin Deposit Machine Project (Philippines)
In a ceremony held at the BSP Head Office in Manila, BSP Governor Felipe M. Medalla signed a Memorandum of Agreement (MOA) with SM Retail Inc. Controllership and Financial Planning Senior Vice President Jonathan H. Ng, Filinvest Land Inc. Deputy Chief Finance Officer Janeth B. de los Reyes, and Robinsons Supermarket Managing Director Stanley C. Co to deploy 25 coin deposit machines (CoDM) in select retail establishments located in Greater Manila and nearby provinces.
Automated CoDMs 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 goods and services. Unfit coins, on the other hand, will be removed from circulation and subsequently retired by the BSP.
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