17.7 C
Wednesday, October 4, 2023
HomeSportsP18.8M in coins back in circulation via BSP’s deposit machines

P18.8M in coins back in circulation via BSP’s deposit machines


MANILA – More Filipinos have used Coin Deposit Machines (CODMs) that Bangko Sentral ng Pilipinas has installed in select malls in partnership with their operators, as the 10 units implemented so far since June 20 have raised P18.8 million in idle money.

According to the BSP, as of July 31, a total of 10,900 transactions or an average of around P1,700 coins had been put back into circulation each time a CODM was used.

Through CODMs, coin holders can conveniently deposit legal tender coins and receive the equivalent amount credited to their GCash accounts.

The BSP hopes to onboard Maya soon to bring more eWallet options to the public. The data showed that the coins deposited in the machines were mainly credited to customers’ electronic wallets, while a part was exchanged for shopping coupons.

So far, there are two units in SM Mall of Asia in Pasay City and one in Robinsons Place Ermita (Manila), Festival Mall in Muntinlupa City, SM City San Lazaro, SM City Bicutan, SM City Bacoor, Robinsons Place Galleria Ortigas, SM City North Edsa and SM City Fairview.

READ: BSP launches coin deposit machines

“With the continued increase in implementations in key retail establishments, the BSP hopes that more Filipinos will be able to enjoy the benefits offered by CoDM,” the central bank said in a statement.

The BSP reminded customers that coins to be deposited into the machines must not be stuck together or bundled, and must not come with other items such as buttons, magnets, nails, tokens, screws or washers. Also, metal money should be gently placed in the coin slot in handfuls.

Users are also advised to ensure that their eWallet accounts are valid, active, and within prescribed transaction limits.

CODMs located at Festival Mall in Alabang and SM Malls allow the exchange of coins for shopping coupons that can be used at any SM store across the country.

The machines accept all denominations, such as one, five, 10 and 25 sentimo coins, as well as; and coins of one, five, 10 and 20 pesos of the BSP Coin Series and the New Generation Currency Series.

The BSP said the CODM project is in line with its Coin Recirculation Program, which aims to remove dormant coins from piggy banks and jars and put them back into circulation to meet the monetary needs of the growing Philippine economy.

Your subscription could not be saved. Try again.

Your subscription has been successful.

read next

Don’t miss out on the latest news and information.

subscribe to ASK MORE to get access to The Philippine Daily Inquirer and over 70 other titles, share up to 5 devices, listen to the news, download from 4am and share articles on social media. Call 896 6000.

For comments, complaints or queries, Contact Us.

Merry C. Vega is a highly respected and accomplished news author. She began her career as a journalist, covering local news for a small-town newspaper. She quickly gained a reputation for her thorough reporting and ability to uncover the truth.

Latest stories