By Trisha Casabar
The Bangko Sentral ng Pilipinas (BSP) and its retail partners introduced Coin Deposit Machines (CoDM) on Tuesday, June 20, to improve coin recirculation in the country.
“Through the CoDM project, the 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,” the statement read.
The CoDM enables individuals to deposit coins from the BSP Coin Series and the New Generation Currency Coin Series, covering denominations ranging from a centavo to 20 pesos.
According to BSP, the deposits will be reflected in the GCash accounts.
The central bank is also working to onboard electronic money issuer Maya into the CODM platform.
The BSP already deployed four machines in collaboration with SM Retail Inc., Robinsons Supermarket Corporation, and Filinvest Lifemalls Corporation at SM Mall of Asia in Pasay and Festival Supermall in Muntinlupa.
Customers in the area have the option to redeem the value of their deposited coins in the form of SM shopping vouchers.
BSP announced plans to install six more machines in select locations across the Greater Manila Area in the next few days. M
