Nearly P90 million worth of coins have been deposited through the Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines (CoDMs).
Since its launch on June 20, over P87.4 million worth of coins were deposited through CoDMs from more than 20,000 transactions as of September 22, 2023.
The CoDMs were launched in a bid to encourage the public to make use of their idle coins.
Latest central bank data revealed that the coins deposited into the machines were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.
In June, the BSP deployed two CoDMs at the SM Mall of Asia in Pasay City, one at Festival Mall in Alabang, Muntinlupa City, and another at Robinsons Place Ermita in Manila.
Moreover, the BSP installed additional coin deposit machines at Robinsons Place Galleria in Ortigas, SM City North EDSA, SM City Fairview in Quezon City, SM City San Lazaro in Manila, SM City Bicutan in Parañaque, and SM City Bacoor in Cavite, bringing the total CoDMs count to 10.
The BSP’s CoDMs accept all denominations of the BSP Coin Series and the New Generation Currency Coin Series launched in 2018, ranging from a centavo to as high as P20.
Through the CoDMs, customers can deposit legal tender coins and have the equivalent amount credited to their GCash accounts.
The BSP said it is also working to onboard Maya to provide more e-wallet options to the public.
In using the machines, the central bank urged customers that coins to be deposited must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers, and must be gently placed in the coin slot in handfuls.
The BSP also advised customers to make sure that their e-wallet accounts are valid, active, and within the prescribed transaction limits. —VAL, GMA Integrated News