by: Jimmyley E. Guzman
MANILA, (PIA) — Good news! The Bangko Sentral ng Pilipinas (BSP) has collected over 1 billion pesos from the coin deposit machines (CoDMs).
According to BSP, as of October 11, a total of PHP1,008,889,490.24 coins have been collected since its launch in June 2023. It has also accumulated more than 260,000,000 pieces of coins and facilitated more than 240,000 transactions.
Currently, the BSP has 25 coin machines located in the Greater Manila Area. The BSP will expand the project by installing 25 more CoDMs nationwide in 2025. This will make it more convenient for Filipinos to deposit their idle coins, helping recirculate them back into the economy while promoting cashless transactions.
By increasing accessibility, the BSP aims to reach more communities and ensure that the benefits of the CoDM initiative are widely felt across all regions.
The BSP has so far installed CoDMs at the following locations: Robinsons Place Metro East, Pasig City; Robinsons Place Novaliches, Quezon City (QC); Robinsons Place Antipolo, Rizal; Robinsons Place Magnolia, QC; Robinsons Place Ermita, Manila; Robinsons Galleria, Ortigas; Festival Mall, Muntinlupa City; SM Megamall, Mandaluyong City; SM City Grand Central, Caloocan; SM City Marilao, Bulacan; SM City Taytay, Rizal; SM Hypermarket FTI, Taguig City; SM Southmall, Las Piñas City; SM City Sucat, Parañaque; SM City Calamba; SM City Marikina; SM City San Mateo, Rizal; SM City Valenzuela; SM Mall of Asia, Pasay City; SM City North EDSA, QC; SM City Fairview, QC; SM City San Lazaro, Manila; SM City Bicutan, Parañaque; and SM City Bacoor, Cavite.
Through the CoDM, people can place legal tender coins in the machines, with the total value credited to e-wallet accounts in GCash or Maya, GoTyme bank accounts, or converted into shopping vouchers.
In using the machines, the BSP reminds customers that coins must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers, and should be gently placed in the coin slot in handfuls. Furthermore, the BSP advises customers to ensure their e-wallet accounts are valid, active, and within the prescribed transaction limits. (JEG/PIA-NCR)
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