The Bangko Sentral ng Pilipinas (BSP) reported that more than 179.6 million pieces of coins with a total amount of PHP648.9 million have been deposited through the 25 units of Coin Deposit Machines (CoDMs) that it installed in various partner establishments.

The number of coins and the total amount were achieved in more than 161,000 transactions since the installation of the CoDMs in June 2023.

These CoDMs are currently installed or deployed at Robinsons Place mall branches in Metro East in Pasig City; Novaliches; New Manila (Magnolia); Galleria, Quezon City; Antipolo, Rizal; and in Ermita, Manila; as well as in Festival Mall, Muntinlupa City; Southmall in Las Piñas City; and in SM malls in Mandaluyong City (Megamall); City Grand Central, Caloocan; Marilao, Bulacan; Taytay, Rizal; Hypermarket FTI, Taguig City; Sucat, Parañaque; Calamba, Laguna; Marikina; San Mateo, Rizal; Valenzuela; Mall of Asia, Pasay City; North EDSA and Fairview, Quezon City; San Lazaro, Manila; Bicutan, Parañaque; and in Bacoor, Cavite.

According to the BSP, these CoDMs allow customers to conveniently deposit their legal tender coins which will be credited to their GCash or Maya electronic wallet accounts or converted into shopping vouchers, the BSP underscored.

This initiative supports the government’s Coin Recirculation Program that aims to put idle coins back in circulation to serve the currency needs of the country.

In cooperation with partner retailers and electronic money issuers, the CoDMs also promote a cash-lite economy with the adoption of payments digitalization, the BSP concluded.

📷 Bangko Sentral ng Pilipinas FB