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The Bangko Sentral ng Pilipinas (BSP) and its partner retailers launched the Coin Deposit Machines (CoDM) today, 20 June 2023, to promote efficient coin recirculation in the country. Through the CoDM project, the BSP encourages the public to deposit their idle coins stored in their jars, piggy banks, and other containers in accessible, convenient, and efficient coin exchange facilities in participating malls.
In collaboration with SM Retail, Inc., Robinsons Supermarket Corporation, and Filinvest Lifemalls Corporation, CoDMs went live in SM Mall of Asia (MOA) (Two units went live in SM MOA.) in Pasay, Robinsons Place Ermita in Manila, and Festival Supermall in Muntinlupa.
Six more machines will be deployed in select locations across the Greater Manila Area in the next few days (The BSP will soon announce the other designated locations of CoDMs through its official website and social media pages.).
CoDMs allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash electronic wallets. The BSP is likewise working with electronic money issuer Maya to onboard them to the project (Final details on the participation of Maya will be announced through the BSP’s official website and social media pages.) and provide more options to the public. This is in line with the central bank’s payment digitalization and financial inclusion agenda.
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.
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.
For more details, visit https://www.bsp.gov.ph/SitePages/CoinsAndNotes/BSPCoinSeries.aspx and https://www.bsp.gov.ph/Pages/CoinsAndNotes/Coins/NewGenerationCurrencyCoinSeries.aspx for the BSP Coin Series and the New Generation Currency Coin Series, respectively.
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Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
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