The Bangko Sentral ng Pilipinas (BSP) today announced a temporary suspension of its popular Coin Deposit Machine (CoDM) operations, effective June 17, 2025.
This move comes as the central bank aims to conduct a comprehensive review aimed at further optimizing the recirculation of idle coins and better serving the coin exchange needs of Filipinos. The public is advised that they can continue to utilize the existing CoDMs located in select malls across the Greater Manila Area until June 16, 2025.
This temporary halt follows a period of significant expansion and enthusiastic public adoption of the CoDM initiative.
Filipinos embrace CoDMs: Billions in coins deposited, highlighting public need
In 2023, the BSP has strategically deployed an additional 15 CoDMs, boosting the total number of units available to 25 across prominent locations. These new installations included high-traffic areas such as SM Megamall in Mandaluyong, SM City Grand Central in Caloocan, SM City Marilao in Bulacan, SM City Taytay in Rizal, SM Hypermarket FTI in Taguig, SM Southmall in Las Piñas, and SM City Sucat in Parañaque.
Additional machines were also placed in SM City Calamba, SM City Marikina, SM City San Mateo (Rizal), SM City Valenzuela, Robinsons Place Metro East (Pasig), Robinsons Place Novaliches (Quezon City), Robinsons Place Antipolo (Rizal), and Robinsons Place Magnolia (Quezon City).
The initial rollout of the CoDMs began in June of the previous year, with machines strategically placed in malls like Festival Mall in Muntinlupa, SM Mall of Asia in Pasay, SM City North EDSA and SM City Fairview in Quezon City, SM City San Lazaro and Robinsons Place Ermita in Manila, SM City Bicutan in Parañaque, SM City Bacoor in Cavite, and Robinsons Place Galleria in Ortigas.
Since their inception, these convenient machines have processed an impressive total of almost PHP 1.5 billion worth of coins. Notably, the highest single transaction recorded through a CoDM reached a substantial PHP 100,260.00, highlighting the significant volumes of idle coins held by some individuals.
As of March 17 this year, the total value of collected coins from CoDMs has since reached P1,372,622,853.22.
BSP to relaunch CoDMs after a thorough review; alternatives available
Photo shows then BSP Governor Felipe Medalla (left) with Robinsons Retail Holdings president and CEO Robina Gokongwei-Pe during the launch the BSP’s CoDM at Robinsons Malate in 2023
The BSP emphasizes that this temporary suspension is a proactive step towards enhancing its coin recirculation program. The thorough review will focus on identifying ways to further improve the efficiency of the CoDMs and ensure they effectively meet the needs of Filipinos looking to exchange their accumulated coins.
Following this review period, the BSP has committed to relaunching the Coin Deposit Machines as an integral part of its ongoing efforts to optimize coin circulation within the country.
While the CoDMs will be temporarily unavailable starting mid-June, the BSP assures the public that alternative avenues for coin exchange remain readily accessible. Account holders can continue to deposit fit (clean and undamaged) coins at their respective banks.
For individuals without bank accounts, the BSP’s Piso Caravan program offers a viable alternative through designated currency exchange centers (CECs) established in collaboration with participating banks and other financial institutions. These CECs facilitate the exchange of fit, unfit, and even mutilated coins.
Furthermore, the BSP reminds all banks of their standing obligation to promptly remove unfit currency, including coins, from circulation. The public can present unfit coins for exchange at any bank branch as part of this mandatory service.
The BSP underscores its unwavering commitment to maintaining an efficient payments and settlements system in the Philippines. The Coin Deposit Machine initiative, even with its temporary suspension for optimization, remains a key component of this commitment, alongside other ongoing programs aimed at ensuring the smooth flow of currency throughout the economy.
The Philippine central bank is encouraging the public to take advantage of the CoDMs before the temporary suspension on June 17 while assuring Filipinos that a more enhanced and efficient coin recirculation program will be relaunched following the thorough review.
For more detailed information about the CoDM initiative, the public can visit the dedicated page on the BSP website at https://bit.ly/BSPcodm. Inquiries or concerns can be directed to the CoDM Support Hotline at +63 (02) 8-689-3599 or via email at codm@bsp.gov.ph.
