The Bangko Sentral ng Pilipinas (BSP)’s Coin Deposit Machines (CoDMs) have started to gain traction, with a number of Filipinos heeding the central bank’s call to address the artificial coin shortage in certain areas of the country by depositing their idle coins in these machines.
As of July 31, 2023, the BSP reported that the CoDMs have already produced more than P18.8 million worth of coins from over 10,900 transactions in just a little over a month since the machines were first launched in various malls through the BSP’s retail partners.
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The latest BSP data also revealed that the coins deposited into the machines were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.
Last June 20, 2023, the BSP deployed two CoDMs at the SM Mall of Asia in Pasay City. Another machine was deployed at the Festival Mall in Alabang, Muntinlupa City, while a fourth machine was installed at Robinsons Place Ermita in Manila.
CoDMs located at the Festival Mall in Alabang as well as at SM Mall outlets may now exchange coins for shopping vouchers that can be used at any SM store nationwide.
Just recently, the BSP also installed additional CoDMs at Robinsons Place Galleria in Ortigas, SM City North EDSA, and at the SM City Fairview in Quezon City. There were also CoDMs installed at SM City San Lazaro in Manila, SM City Bicutan in Parañaque, and SM City Bacoor in Cavite.
This brings to ten the total number of CoDMs currently servicing the Filipino public.
The benefits of CoDMs
With the continued increase in deployments in key retail establishments, the BSP said in a press statement that it expects more Filipinos to continue to enjoy the benefits now being offered by the CoDMs.
According to the BSP, customers can now conveniently deposit legal tender coins and have the equivalent amount credited to their GCash accounts through the CoDMs.
As of this writing, the central bank announced that it is now also working to onboard Maya to provide more e-wallet options to the public.
CoDMs 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.
In using the machines, the BSP reminds customers that the coins to be deposited should not be taped or bundled. They must not also come with other objects such as buttons, magnets, nails, tokens, screws, and washers. The coins should also be placed in the coin slot gently and in handfuls.
The BSP also advises customers to make sure that their e-wallet accounts are valid, active, and within the prescribed transaction limits.
The CoDM project is in line with the BSP’s Coin Recirculation Program, which aims to flush out idle coins from piggy banks and jars and put them back in circulation to support the currency needs of the growing Philippine economy.
