Over P1-B coins deposited through CoDM

The Bangko Sentral ng Pilipinas (BSP) announced that its coin deposit machines (CoDMs) have collected over P1 billion worth of coins since their launch, underscoring the project’s success in recirculating idle currency. 

As of October 11, 2024, the total coin deposits have reached P1.008 billion, with more than 260 million individual coins processed across 240,000 transactions.

The CoDM initiative, launched on June 20, 2023, allows users to conveniently deposit legal tender coins, which are credited to GCash or Maya e-wallet accounts, or exchanged for shopping vouchers. 

This project supports the BSP’s Coin Recirculation Program, which aims to bring unused coins back into circulation to meet the country’s currency demands.

Currently, the BSP has installed CoDMs in various retail establishments across the Greater Manila Area, including Robinsons malls, SM branches, and other key locations. Some of the areas hosting CoDMs include Robinsons Place Metro East in Pasig City, Robinsons Magnolia in Quezon City, SM Megamall in Mandaluyong City, SM Mall of Asia in Pasay City, and SM City North EDSA in Quezon City.

Looking ahead, the BSP plans to expand the CoDM network by installing 25 additional machines nationwide by 2025. This expansion aims to make coin deposits more accessible to Filipinos across the country, facilitating cashless transactions and further encouraging the circulation of idle coins.

“This initiative not only helps recirculate coins back into the economy but also promotes cashless payments, making transactions more efficient and convenient for Filipinos,” said the BSP.

The BSP also issued reminders for CoDM users, advising that coins should not be taped or bundled together and must not contain foreign objects such as nails, screws, buttons, or washers. 

Coins should be deposited in handfuls to ensure smooth machine operation. Additionally, customers should ensure their e-wallet accounts are valid, active, and within prescribed transaction limits for successful processing.