FINANCIAL TECHNOLOGY. A coin deposit machine at Robinsons Magnolia in New Manila, Quezon City. Since June 2023, the Bangko Sentral ng Pilipinas has installed 25 machines in the Greater Manila Area. (PNA photo by Robert Oswald P. Alfiler)
MANILA – The Bangko Sentral ng Pilipinas (BSP) said PHP648.9 million worth of coins have been deposited through its coin deposit machines (CoDMs) as of April 15.
In a social media post on Monday, BSP said the amount is equivalent to 179.6 million pieces of coins from over 161,000 transactions.
The BSP has installed 25 CoDMs in the Greater Manila Area since June 2023.
CoDMs allow customers to conveniently deposit their legal tender coins which will be credited to their GCash or Maya electronic wallet accounts or converted into shopping vouchers.
The machines support the BSP’s Coin Recirculation Program that aims to put idle coins back in circulation to serve the currency needs of the country.
In cooperation with partner retailers and electronic money issuers, the CoDMs also promote a cash-lite economy with the adoption of payments digitalization.
CoDMs are currently deployed at Robinsons Place mall branches in Metro East, Pasig City; Novaliches, New Manila (Magnolia) and Galleria, Quezon City; Antipolo, Rizal; and Ermita, Manila; Festival Mall, Muntinlupa City; and SM malls in Mandaluyong City (Megamall); City Grand Central, Caloocan; Marilao, Bulacan; Taytay, Rizal; Hypermarket FTI, Taguig City; Southmall, Las Piñas City; Sucat, Parañaque; Calamba, Laguna; Marikina; San Mateo, Rizal; Valenzuela; Mall of Asia, Pasay City; North EDSA and Fairview, Quezon City; San Lazaro, Manila; Bicutan, Parañaque; and Bacoor, Cavite. (PNA)
