Coin machines get downtime

Patrons of coin deposit machines scattered in various malls in Metro Manila were notified that the service will be temporarily halted starting Sunday, 17 June.

“The Bangko Sentral ng Pilipinas advises the public that it will temporarily suspend the operation of Coin Deposit Machines (CoDMs) installed in select malls in the Greater Manila Area starting 17 June. Persons who want to exchange their coins may still use the CoDMs until 16 June,” the BSP said in a statement on Friday.

According to the BSP, the temporary suspension of the CoDMs is to allow them to conduct a thorough review of how to recirculate idle coins and better serve Filipinos’ coin exchange needs.

Following the review, the BSP said it will relaunch the CoDMs as part of its commitment to enhancing its coin recirculation program.

The BSP said almost P1.5 billion in coins was processed through the CoDMs since they were introduced in June 2023.

“Meanwhile, the public may deposit fit coins in banks where they have an account. Persons with no bank accounts may exchange fit, unfit, and mutilated coins in banks and other financial institutions that have agreed to serve as currency exchange centers under the BSP Piso Caravan program,” the central bank said.

Unfit coins may be presented for exchange at any bank as part of their duty to remove unfit currency from circulation promptly.

The BSP will continue to pursue efficient coin recirculation through its various programs, which are consistent with its mandate to maintain an efficient payments and settlements system in the country. Raffy Ayeng

REITs overperform

Real Estate Investment Trusts (REITs) are living up to their distinction as a key driver of growth in the equities market.

For instance, the stock price of Robinsons Land Corp. has dropped by 10.5 percent year-to-date while RL Commercial REIT Inc.’s (RCR) price has gained 6 percent during the same period. As a result, RLC’s market cap of P57.6 billion is now lower than the market value of its 63.9-percent stake in RCR which stands at P63.2 billion.

Also, Megaworld’s MREIT Inc. (MREIT) finished 2024 with a significant surge in net income of more than twenty-fold to P3.97 billion, on the back of the successful acquisition and commencement of income recognition in the fourth quarter of six Philippine Economic Zone Authority (PEZA)-accredited office properties, which were valued at P13.15 billion.

The acquisition expanded MREIT’s portfolio by over 156,000 square meters, pushing its total gross leasable area (GLA) by 48 percent from a year ago to 482,000 sqm. Likewise, revenues climbed by 8.4 percent year-on-year to P4.51 billion, driven by strong rental income growth.

With MREIT’s third wave of asset infusions and strategic asset additions in places such as McKinley West, Davao Park District, and Iloilo Business Park, the firm aims to achieve around one million GLA sqm by 2027 to 2030.

Despite economic headwinds, MREIT’s current occupancy levels remain at 91 percent, above the Metro Manila office industry average.

President Trump’s recent implementation of a 17-percent tariff on the Philippines sparked market concerns, as this could signify an economic slowdown in terms of consumer spending and business activities, which could result in reduced demand for office spaces.