BSP's coin deposit machines breach P1-B mark in coin value deposited

Over a year since the launch of coin deposit machines (CoDMs), the monetary value of coins deposited through the Bangko Sentral ng Pilipinas' (BSP) initiative to promote coin circulation has breached P1 billion.

The Bangko Sentral ng Pilipinas (BSP) on Thursday said over P1 billion worth of coins have been deposited through coin deposit machines (CoDMs) since their launch a year ago.

In a statement, the central bank said the total value of coins coursed through CoDMs has reached P1,008,889,490.24.

The CoDMs, introduced in June 2023, were launched in a bid to encourage the public to make use of their idle coins.

The BSP said that since its launch, the CoDMs have accumulated more than 260,000,000 pieces of coins and facilitated almost 240,000 transactions.

Through CoDMs, 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.

The BSP has so far installed CoDMs at the following locations:

The central bank said it would expand the CoDMs network by installing 25 more 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," the central bank said.

"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," it added.

In using the machines, the BSP reminded 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 central bank advised customers to ensure their e-wallet accounts are valid, active, and within the prescribed transaction limits. — VDV, GMA Integrated News

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