BSP: Coin Deposit Machines Collect P1.082B

The Bangko Sentral ng Pilipinas (BSP) reported that its coin deposit machines (CoDMs) have collected PHP1.082 billion worth of coins as of Nov. 15, representing over 280 million coins processed through 255,000 transactions.

Launched in June 2023, the CoDM project aims to make depositing coins more convenient. Users can deposit legal tender coins and transfer the value to their GCash or Maya e-wallets or convert it into shopping vouchers. This initiative is part of the BSP’s Coin Recirculation Program, which encourages the use of idle coins to meet the country’s currency needs.

CoDMs are strategically placed in partner retail establishments across the Greater Manila Area, including malls like Robinsons Place Metro East in Pasig City, SM Megamall in Mandaluyong City, and SM City Bacoor in Cavite. Other locations include malls in Quezon City, Muntinlupa, Las Piñas, Taguig, and more.

To date, the program has made it easier for consumers to utilize their coins while contributing to a more efficient coin circulation system.

The BSP has also announced plans to expand the CoDM network nationwide by installing 25 additional machines by 2025. This expansion is expected to further enhance access to convenient coin deposit options across the country. (ASC)