THE BANGKO SENTRAL ng Pilipinas’ (BSP) coin deposit machines (CoDMs) have collected currency valued at over P1 billion as of Oct. 11, it said on Thursday.
The Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines (CoDMs) have collected currency valued at over P1 billion as of Oct. 11, the central bank said on Thursday.
“Since its launch, the CoDMs have accumulated more than 260,000,000 pieces of coins and facilitated over 240,000 transactions,” the BSP said in a statement.
The BSP and its retail partners launched the deposit machines in June 2023 to help promote efficient coin recirculation.
The initiative aims to address the artificial coin shortage in the financial system and help ensure that only fit and legal tender currency is available for public use.
“Building on this success, the BSP will expand the project by installing 25 more CoDMs nationwide in 2025,” the central bank said.
“This will make it more convenient for Filipinos to deposit their idle coins, helping recirculate them back into the economy while promoting cashless transactions. By increasing accessibility, the BSP aims to reach more communities and ensure that the benefits of the CoDM initiative are widely felt across all regions.”
There are currently 25 deposit machines available in the Greater Manila Area, which are in select retail establishments of the SM Store, Robinsons Supermarket and Festival Mall.
All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDMs. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machines.
The value of coins deposited in CoDMs may be credited to an individual’s account in GoTyme Bank or e-wallets GCash or Maya, or converted into shopping vouchers.
“In using the machines, the BSP reminds customers that coins must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers, and should be gently placed in the coin slot in handfuls,” the central bank said.
“Furthermore, the BSP advises customers to ensure their e-wallet accounts are valid, active, and within the prescribed transaction limits.” — Luisa Maria Jacinta C. Jocson
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