The Bangko Sentral ng Pilipinas (BSP) has collected more than PHP1 billion through its Coin Deposit Machines (CoDMs) as of October 11, 2024, marking a significant milestone for the initiative just over a year after its launch in June 2023.
The total coin collection has reached PHP1,008,889,490.24, underscoring the project’s success in encouraging Filipinos to deposit idle coins and recirculate them back into the economy.
Building on this achievement, the BSP has announced plans to expand the project further by installing 25 more CoDMs across the country in 2025. The expansion aims to make it easier for Filipinos in various regions to participate in the initiative, promoting cashless transactions while helping to reduce the hoarding of coins.
This will also help the BSP reach more communities, ensuring that the benefits of the CoDM initiative are felt across all areas of the country. Last September, the BSP partnered with GoTyme Bank to offer a more seamless way to convert loose change through CoDMs.
Since its inception, the CoDMs have processed over 260 million coins and facilitated more than 240,000 transactions, reflecting the growing public interest in using the machines. By offering a convenient way to deposit coins, the BSP has taken a significant step toward promoting the efficient use of the country’s coin supply.
How the BSP’s CoDM works
Photo shows sari-sari store owner Vilma Guray while depositing her coins in the Coin Deposit Machine
The Coin Deposit Machines (CoDMs) allow people to deposit legal tender coins, which are then credited to their e-wallet accounts such as GCash and Maya, or GoTyme bank accounts.
Alternatively, users can convert their deposited coins into shopping vouchers for selected merchants. This system provides a seamless way for individuals to deposit and use their coins while promoting digital financial inclusion through e-wallets.
The process is simple: users can place their coins in the machine, which then counts and verifies the total value. The amount is then transferred to their chosen account or converted into vouchers.
However, the BSP reminds users of certain guidelines to ensure smooth transactions. Coins should not be taped or bundled, and they must be free of other objects such as buttons, magnets, nails, tokens, or screws.
Additionally, users are advised to gently place the coins in the machine’s slot in handfuls, ensuring that their e-wallet accounts are valid, active, and within the transaction limits.
Locations of CoDMs
To date, the BSP has installed CoDMs in several key locations across the country.
These include Robinsons Place Metro East in Pasig City, Robinsons Place Novaliches in Quezon City, Robinsons Place Antipolo in Rizal, and Robinsons Place Magnolia in Quezon City.
Other locations include Robinsons Place Ermita in Manila, Robinsons Galleria in Ortigas, Festival Mall in Muntinlupa City, and various SM malls such as SM Megamall in Mandaluyong City, SM City Marilao in Bulacan, SM City Taytay in Rizal, SM Southmall in Las Piñas City, SM Mall of Asia in Pasay City, and many more.
These strategic locations were chosen to provide easy access for the public, particularly in highly populated areas where the use of coins is prevalent.
The machines have been well-received by the public, especially for their convenience in converting coins into digital value or shopping credits.
Expanding financial inclusion
The CoDM project is part of BSP’s broader efforts to promote financial inclusion and digital transactions across the country.
With the rise of e-wallets and cashless payments, the BSP sees the initiative as a way to encourage Filipinos to embrace digital finance while addressing the issue of idle coins in circulation.
By providing a convenient and accessible platform for coin deposits, the CoDM project not only supports financial inclusion but also helps ease the demand for newly minted coins, ultimately benefiting the economy.
Looking ahead, the BSP is optimistic that the expansion of CoDMs in 2025 will bring the initiative to even more Filipinos, particularly in rural and underserved areas. The additional machines are expected to provide greater access and convenience for those who have been unable to participate in the initiative due to geographical limitations.
For more information about the Coin Deposit Machine project and to find the nearest CoDM location, visit the BSP’s official webpage: CoDM webpage.
With over PHP1 billion in coins collected and more machines set to be installed in the coming year, the BSP’s Coin Deposit Machine initiative is proving to be a successful and innovative solution for managing the country’s coin supply.
As the project continues to expand, the BSP remains committed to promoting cashless transactions, financial inclusion, and the efficient use of idle coins, ultimately contributing to a more robust and sustainable economy.