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The Coin Deposit Machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) have accepted over PHP18.8 million worth of coins with over 10,900 transactions as of 31 July 2023, a little over a month after the CoDM launch on 20 June.
Latest BSP data revealed that the coins deposited into the machines were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.
With the continued increase in deployments in key retail establishments, the BSP expects that more Filipinos will get to enjoy the benefits offered by the CoDMs.
Through the CoDMs, customers can conveniently deposit legal tender coins and have the equivalent amount credited to their GCash accounts. The BSP is also working to onboard Maya, providing more e-wallet options to the public.
CoDMs located at Festival Mall in Alabang and SM Malls may also exchange coins for shopping vouchers that can be used at any SM Store nationwide.
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 coins to be deposited must not be taped or bundled; must not come with other objects like buttons, magnets, nails, tokens, screws, or washers; and are gently placed in the coin slot 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.
For more details the BSP Coin Series and the New Generation Currency Coin Series, visit the following links:
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.