The Bangko Sentral ng Pilipinas (BSP) announced on Friday, Oct. 17, that its coin deposit machines (CoDMs) have collected over P1 billion in coins since their launch in June of last year.
As of Oct. 11, 2024, the BSP reported that the CoDMs have amassed a total of P1,008,889.49 in coins, an achievement for the project, which aims to recirculate idle coins back into the economy and promote cashless transactions.
To further expand this initiative, the BSP now plans to install 25 additional CoDMs nationwide in 2025.
The BSP said this expansion will make it even more convenient for Filipinos to deposit their unused coins and contribute to a more efficient economy.
Since their launch, the CoDMs have facilitated nearly 240,000 transactions and collected over 260,000 coins.
The coin deposit machines allow users to deposit legal tender coins and receive the equivalent value in their e-wallet accounts, bank accounts, or shopping vouchers.
Meanwhile, the BSP reminded customers to follow specific guidelines when using the CoDMs to ensure a smooth experience.
Coins should not be taped or bundled and must be free of foreign objects. Users should also ensure that their e-wallet accounts are valid, active, and within the prescribed transaction limits.
The BSP has already installed CoDMs in various locations across the country, including major shopping malls and commercial centers.
Locations include Robinsons Place Metro East in Pasig City; Robinsons Place Novaliches in Quezon City; Robinsons Place Antipolo in Rizal; Robinsons Place Magnolia in Quezon City; Robinsons Place Ermita in Manila; Robinsons Galleria in Ortigas.
Others are in Festival Mall in Muntinlupa City; SM Megamall in Mandaluyong City; SM City Grand Central in Caloocan; SM City Marilao in Bulacan; SM City Taytay in Rizal; SM Hypermarket FTI in Taguig City; SM Southmall in Las Piñas City; SM City Sucat in Parañaque.
There are also in SM City Calamba; SM City Marikina; SM City San Mateo in Rizal; SM City Valenzuela; SM Mall of Asia in Pasay City; SM City North EDSA in Quezon City; SM City Fairview in Quezon City; SM City San Lazaro in Manila; SM City Bicutan in Parañaque; and SM City Bacoor in Cavite. (Derco Rosal)