Bangko Sentral ng Pilipinas (BSP) announced that the recently launched Coin Deposit Machines (CoDMs) have already processed over P18.8 million in coin deposits. This amounts to more than 10,900 transactions recorded as of July 31, 2023, just a month after the CoDMs were officially introduced in major supermarkets and malls on June 20.
Most of the coins deposited through these machines were directly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers, according to BSP. The central bank foresees a growing adoption of CoDMs as their deployment in key retail establishments continues.
The CoDMs offer a convenient way for customers to deposit legal tender coins and have the equivalent amount credited to their GCash accounts. BSP is also working to integrate the Maya e-wallet option for broader accessibility.
BSP advised customers to ensure that their e-wallet accounts are valid, active, and within the prescribed transaction limits when using CoDMs. It also emphasized not taping or bundling coins before depositing them. The coins should not be accompanied by other objects like buttons, magnets, nails, tokens, screws, or washers, and should be gently placed in the coin slot in handfuls.
Part of BSP’s ongoing coin recirculation project, the CoDMs were initially introduced through 10 machines: two in SM Mall of Asia, one in Robinsons Ermita, and one in Festival Supermall in Muntinlupa. An additional six CoDMs were deployed last month. BSP plans to release a total of 25 CoDMs in Metro Manila this year. By June 2024, the central bank will assess whether to expand the project to other regions or introduce more machines.
BSP’s initiative to address coin hoarding aims to encourage efficient coin circulation and discourage the practice of keeping coins idle in bank vaults, drawers, and piggy banks.