BSP urges public to deposit idle coins at CoDM

 

Photo courtesy of BSP

by: Susan G. de Leon 

QUEZON CITY, (PIA) – The Bangko Sentral ng Pilipinas (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

On Tuesday (June 20), the BSP and its partner retailers launched the Coin Deposit Machines (CoDM) to promote efficient coin recirculation in the country.

In collaboration with SM Retail, Inc., Robinsons Supermarket Corporation, and Filinvest Lifemalls Corporation, CoDMs went live in SM Mall of Asia (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.

CoDMs allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash electronic wallets.

The BSP is also working with electronic money issuer Maya to onboard them to the project 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. (bsp/pia-ncr)

https://pia.gov.ph/news/2023/06/21/bsp-urges-public-to-deposit-idle-coins-at-codm