MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has collected over a billion pesos in its coin deposit machines (CoDMs), an initiative launched a year ago to have idle coins circulated back into the economy while promoting cashless transactions.
In a statement on Thursday, October 17, the central bank said it had collected a total of P1,008,889,490.24 through 25 CoDMs across the country as of October 11. This was deposited in the form of over 260 million coins and over 240,000 transactions.
Coins deposited should not be taped or bundled together and customers should ensure that objects — such as buttons and screws — are not included in their bundle. The coins can be placed in the machine “in handfuls.”
Loose change deposited by customers can be credited in e-wallet accounts such as GCash, Maya, or GoTyme bank accounts.
Meanwhile, some even convert theirs into shopping vouchers.
The BSP said it is looking to install another 25 CoDMs nationwide in 2025. – Rappler.com