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Manila Bulletin devider Business devider Banking & Finance devider BSP coin deposit machines will recirculate P707 M worth of coins

BSP coin deposit machines will recirculate P707 M worth of coins

Published May 29, 2024 08:09 am

The Bangko Sentral ng Pilipinas (BSP) reported Wednesday, May 29, that its 25 coin deposit machines (CoDMs) have so far accumulated P707 million worth of coins that it will later recirculate.

The amount translates to some 194 million pieces of coins that have been deposited into the machines from June 20, 2023 until May 15 this year.

The BSP has deployed 25 CoDMs in partnership with retail establishments across the Greater Manila Area to encourage the public to deposit their idle coins in the machines and to promote efficient coin circulation in the country.

Meanwhile, the CoDM Project has won an award or the “2024 Excellence in Currency Technical Award” from the International Association of Currency Affairs (IACA) in Texas, USA during the Currency Research 2024 Banknote Conference.

Photo_2024 IACA Award_CoDM.jpg
BSP Deputy Director Jann Ryan D. Jose (in photo, middle) received the award on behalf of the central bank from IACA Chairman Richard Wall (right) and IACA Executive Director Marci Chavez (left) on 15 May 2024 in Texas, USA during the Currency Research 2024 Banknote Conference.

The BSP announced Wednesday that IACA cited the CoDM project as a “best new cash cycle innovation which improves efficiency, effectiveness, safety, environmental protection, resiliency, and security of the distribution and circulation of cash for improved access, acceptance, and authentication.”

The BSP’s “Bawat Barya Mahalaga: CoDM Communication Campaign” likewise received the 2024 Silver Anvil Award for Public Relations Programs from the Public Relations Society of the Philippines.

The BSP launched the CoDM Project last year to address the artificial coin shortage in certain areas of the country and to help ensure that only fit and legal tender currency are readily available for public use, it said.

CoDMs allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their e-wallets such as GCash or Maya.

Alternatively, customers of SM Stores and Festival Mall may redeem the value of their deposited coins in the form of SM shopping vouchers.  

By June this year, the central bank will assess if the project will be expanded to other regions or if they need to add more machines.

 

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