c9taya BSP: Coin deposit machine collections surpass P1 billion
Updated:2024-10-22 12:53 Views:100
Coin deposit machine located in SM Mall of Asia. | PHOTO: Bangko Sentral ng Pilipinas
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) said more than P1 billion worth of coins have been deposited through its coin deposit machines (CoDM).
In a statement on Thursday, the BSP said that as of Oct. 11, 2024, the total coin collection has already reached P1.008 billion.
Article continues after this advertisementSince its launch, the CoDMs have accumulated more than 260,000,000 pieces of coins and facilitated more than 240,000 transactions.
FEATURED STORIES BUSINESS National ID gives more Filipinos ‘face value BUSINESS BIZ BUZZ: Unwinding Gogoro … quietly BUSINESS Polvoron maker seeks P500 million capital for expansionLaunched on June 20, 2023, the CoDM project allows customers to conveniently deposit their legal tender coins to be credited to their GCash or Maya electronic wallet accounts, or converted into shopping vouchers.
The coin deposit machines support the BSP’s Coin Recirculation Program to put idle coins back in circulation to serve the currency needs of the country.
Article continues after this advertisementTo date, the BSP has deployed CoDMs in partner retail establishments across the Greater Manila Area.
Article continues after this advertisementREAD: Over 220M coins deposited in BSP machines
Article continues after this advertisementThese are located at Robinsons Place Metro East, Pasig City; Robinsons Place Novaliches, Quezon City (QC); Robinsons Place Antipolo, Rizal; Robinsons Place Magnolia, QC; Robinsons Place Ermita, Manila; Robinsons Place Galleria, Ortigas; Festival Mall, Muntinlupa City;
SM Megamall, Mandaluyong City; SM City Grand Central, Caloocan; SM City Marilao, Bulacan; SM City Taytay, Rizal; SM Hypermarket FTI, Taguig City; SM Southmall, Las Piñas City; SM City Sucat, Parañaque; SM City Calamba; SM City Marikina; SM City San Mateo, Rizal; SM City Valenzuela; SM Mall of Asia, Pasay City; SM City North EDSA, QC; SM City Fairview, QC; SM City San Lazaro, Manila; SM City Bicutan, Parañaque; and SM City Bacoor, Cavite.
Article continues after this advertisementREAD: BIZ BUZZ: That’s a lot of coins!
The BSP will expand the project by installing 25 more CoDMs nationwide in 2025.
“This will make it more convenient for Filipinos to deposit their idle coins, helping recirculate them back into the economy while promoting cashless transactions,” the BSP said.
“By increasing accessibility, the BSP aims to reach more communities and ensure that the benefits of the CoDM initiative are widely felt across all regions,” it added.
In using the CoDMs, the BSP reminded customers that coins must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers, and should be gently placed in the coin slot in handfuls.
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The BSP also advised customers to ensure their e-wallet accounts are valid, activec9taya, and within the prescribed transaction limits. (PNA)
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