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April 12, 2024

145 million coins reborn: BSP’s CODMs drive Filipino recycling movement

Filipinos are reshaping their coin culture, recycling over 145 million coins through the innovative Coin Deposit Machine (CoDM) initiative by the Bangko Sentral ng Pilipinas (BSP).

Since its inception in June 2023, this groundbreaking program has empowered individuals across the Greater Manila Area to effortlessly transform their dormant coins into valuable assets.

With 25 strategically placed CoDMs in prominent locations like Robinsons Place Metro East, Novaliches, and Antipolo, Filipinos can now conveniently channel their spare change back into circulation.

Imagine CoDMs as automated coin sanctuaries, offering a seamless avenue to deposit legal tender coins. These deposits can be seamlessly credited to popular digital wallets like GCash or Maya or exchanged for coveted shopping vouchers.

Beyond convenience, this initiative tackles the issue of coin scarcity head-on, ensuring an ample supply for everyday transactions in areas where shortages persist.

BSP Deputy Governor Bernadette Romulo-Puyat has revealed plans to expand the rollout of CoDMs across other regions, promising broader access for Filipinos to participate in this transformative recycling effort.

The central bank’s coin circulation program is aimed at discouraging excessive accumulation among the public.

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