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

MANILA  -More Filipinos have actually used coin deposit machines (CODMs) that the Bangko Sentral ng Pilipinas have installed across select shopping malls in partnership with their operators, as the 10 units so far deployed since June 20 have raked in P18.8 million worth of idle money.

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

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

The BSP expects to onboard Maya soon, to provide more e-wallet options to the public. Data showed that the coins deposited into the machines were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.

So far, there are two units at the SM Mall of Asia in Pasay City and one each at the 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 deployments in key retail establishments, the BSP expects that more Filipinos will get to enjoy the benefits offered by the CoDMs,” the central bank said in a statement.

The BSP reminded customers that coins to be deposited into the machines must not be taped nor bundled, and must not come with other objects like buttons, magnets, nails, tokens, screws, or washers. Also, the metal money should be gently placed in the coin slot in handfuls.

Users are also advised to make sure that their e-wallet accounts are valid, active, and within the prescribed transaction limits.

CODMs located at Festival Mall in Alabang and SM Malls allow the exchange of coins for shopping vouchers that can be used at any SM Store nationwide.

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

The BSP said the CODM project is in line with its Coin Recirculation Program, which is aimed at flushing out idle coins from piggy banks and jars and putting them back in circulation to support the currency needs of the growing Philippine economy.