The Bangko Sentral ng Pilipinas (BSP) launched its Coin Deposit Machines (CoDM) project last June 20 in collaboration with partner retailers like SM Retail, Inc., Robinsons Supermarket Corporation, and Filinvest Lifemalls Corporation.
IMAGE CREDIT: www.bsp.gov.ph
In a media advisory, the central bank said that the launch is in line with its vision of promoting efficient coin recirculation in the country.
Through the CoDM project, the BSP hopes to be able to encourage the public to deposit their idle coins stored in their jars, piggy banks, and other containers in accessible, convenient, and more efficient coin exchange facilities in participating malls.
CoDMs shall accept all denominations (i.e., 1-, 5-, 10-, and 25-Sentimo; and 1-, 5-, 10-, and 20-Piso) of the BSP Coin Series and the New Generation Currency Coin Series.
Earlier this week, two units of CoDMs went live in SM Mall of Asia (MOA) in Pasay, while other units were placed inside Robinsons Place Ermita in Manila and at the Festival Supermall in Muntinlupa.
Six more machines will be deployed in select locations across the Greater Manila Area (GMA) in the next few days, with the machines’ designated locations to be announced soon through the official website and social media pages of the BSP.
The value of coins deposited in CoDMs may either be credited to the depositor’s e-wallet account or converted into a shopping voucher that can be used in any SM Store nationwide. CoDMs will also allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash electronic wallets.
Alternatively, customers of SM MOA and Festival Mall may choose to redeem the value of their deposited coins in the form of SM shopping vouchers. Aside from SM, Robinsons, and Filinvest malls, the BSP is likewise working with electronic money issuer Maya to onboard them to the project and provide more options to the public.
BSP enjoins the public to properly use and recirculate PH coins
In line with its payment digitalization and financial inclusion campaign, the BSP is now also enjoining the Filipino public to properly use and recirculate the Philippine coins for their economic and cultural value.
Thus, the BSP released the New Generation Currency (NGC) Coin Series comprised of the 10-Piso, 5-Piso, 1-Piso, 25-Sentimo, 5-Sentimo, and 1-Sentimo into circulation in 2018. It also introduced the new 20-Piso NGC coin and the enhanced 5-Piso NGC coin in 2019.
The lower denomination NGC coins feature three national heroes (Apolinario Mabini in the 10-Piso, Andres Bonifacio in the 5-Piso, and Jose Rizal in the 1-Piso), a stylized three stars plus the sun in the 25-, 5- and 1-Sentimo, the BSP logo, and endemic flora consistent with the design of the NGC Banknote Series that highlights Philippine fauna.
Meanwhile, the bi-color 20-Piso coin retains major elements of the 20-piso banknote, with the obverse side of the coin featuring Manuel L. Quezon. On the other hand, the reverse side shows the BSP logo, the Malacañan Palace, and the Nilad plant.
For more information on the CoDM project, please refer to the Frequently Asked Questions or visit the BSP website and social media pages for updates on the project.