The Bangko Sentral ng Pilipinas said Friday its coin deposit machines accepted more than P18.8 million worth of coins with over 10,900 transactions as of July 31, 2023 after they were launched on June 20.
It said coins deposited into the machines were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.
The BSP said with the continued increase in deployments in key retail establishments, it expected more Filipinos to enjoy the benefits offered by the CoDMs.
CoDMs allow customers to conveniently deposit legal tender coins and have the equivalent amount credited to their GCash accounts. The BSP is also working to onboard Maya, providing more e-wallet options to the public.
CoDMs located at Festival Mall in Alabang and SM Malls may also exchange coins for shopping vouchers that can be used at any SM Store nationwide.
CoDMs accept all denominations (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.
The BSP reminded customers that coins to be deposited should not be taped or bundled and should not come with other objects like buttons, magnets, nails, tokens, screws or washers. They are gently placed in the coin slot in handfuls.
The BSP also advised customers to make sure their e-wallet accounts are valid, active and within the prescribed transaction limits.
The CoDM project is in line with the BSP’s Coin Recirculation Program which aims to flush out idle coins from piggy banks and jars and put them back in circulation to support the currency needs of the growing Philippine economy.