Metro Manila (CNN Philippines, June 21) — The Bangko Sentral ng Pilipinas (BSP) on Tuesday unveiled its Coin Deposit Machine (CoDM) project in a bid to boost coin recirculation nationwide.
According to BSP, the machines were placed in partner malls to encourage the public to deposit “idle coins stored in their jars, piggy banks, and other containers” and credit the amount to their mobile wallets.
“This is in line with the central bank’s payment digitalization and financial inclusion agenda,” the central bank said in a statement.
The move was done with partner malls, including SM Retail, Inc., Robinsons Supermarket Corp., and Filinvest Lifemalls Corp.
The first four CoDMs were launched in SM Mall of Asia in Pasay, Robinsons Place Ermita in Manila, and Festival Supermall in Muntinlupa.
Six more machines will be deployed across the Greater Manila Area in the next few days while 15 more machines will be put out for use between June to August.
The BSP noted that it is working with PLDT-led mobile wallet Maya to join the initiative. As of the launch, the public can only credit the money to their GCash wallets.
The central bank said customers of SM MOA and Festival Mall may also choose to redeem the value of their deposited coins in the form of SM shopping vouchers.
CoDMs will accept all denominations (1¢, 5¢, 10¢, 25¢, ₱1, ₱5, ₱10, and ₱20) of the BSP Coin Series and the New Generation Currency Coin Series.
