MANILA — Over P1 billion worth of coins have been deposited into the coin deposit machines (CoDMs) placed by the Bangko Sentral ng Pilipinas (BSP) in strategic locations as of October 2024.
The total coin collection has already reached P1 billion as of Oct. 11 through more than 240,000 deposit transactions of over 260 million pieces of coins, the BSP announced on Oct. 17, noting that this is just over a year since the project’s launch in June 2023.
“Through the CoDM, people can place legal tender coins in the machines, with the total value credited to e-wallet accounts in GCash or Maya, GoTyme bank accounts, or converted into shopping vouchers,” the BSP said.
The coin deposit machines project is part of the BSP’s Coin Recirculation Program to put idle coins back in circulation to serve the currency needs of the country. (PIA DMD)
“Building on this success, the BSP will expand the project by installing 25 more CoDMs nationwide in 2025. This will make it more convenient for Filipinos to deposit their idle coins, helping recirculate them back into the economy while promoting cashless transactions,” the bank said.
By increasing accessibility of the CoDMs, the BSP aims to reach more communities and ensure that the benefits of the initiative are widely felt across all regions.
The BSP has so far installed CoDMs at the following locations: Robinsons Place Metro East, Pasig City; Robinsons Place Novaliches, Quezon City (QC); Robinsons Place Antipolo, Rizal; Robinsons Place Magnolia, QC; Robinsons Place Ermita, Manila; Robinsons Galleria, Ortigas;
Festival Mall, Muntinlupa City; SM Megamall, Mandaluyong City; SM City Grand Central, Caloocan; SM City Marilao, Bulacan; SM City Taytay, Rizal; SM Hypermarket FTI, Taguig City; SM Southmall, Las Piñas City; SM City Sucat, Parañaque; SM City Calamba; SM City Marikina; SM City San Mateo, Rizal; SM City Valenzuela; SM Mall of Asia, Pasay City; SM City North EDSA, QC; SM City Fairview, QC; SM City San Lazaro, Manila; SM City Bicutan, Parañaque; and SM City Bacoor, Cavite.
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