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September 29, 2023

BSP launches coin deposit machines to address coin shortage

The Bangko Sentral ng Pilipinas (BSP) has introduced the Coin Deposit Machine (CoDM) Project in partnership with SM and Robinsons, in an effort to boost coin circulation and discourage hoarding.

BSP Governor Felipe M. Medalla led the deployment of CoDMs in SM Mall of Asia and Robinsons Ermita, aiming to solve the problem of coin shortages caused by hoarding and the inefficient use of coins.

The CoDMs allow customers to conveniently deposit coins and redeem their value through shopping vouchers, rewards card points, or direct crediting to bank accounts or electronic wallets.

The BSP plans to gradually increase the number of CoDMs over the next two years to enhance coin circulation.


BSP and BMAP strengthen collaboration

The Bangko Sentral ng Pilipinas (BSP) and the Bank Marketing Association of the Philippines (BMAP) directors and executives met to enhance their longstanding partnership, focusing on initiatives related to consumer protection, financial literacy, and cybersecurity.

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