Bangko Sentral Coin Deposit Machines Collect Over ₱1 Billion

The Bangko Sentral ng Pilipinas (BSP) has announced that the coin deposit machines (CoDMs) it installed in strategic locations have already collected over P1 billion as of October 2024.

The coin deposit machines project is part of the BSP’s Coin Recirculation Program, aimed at putting idle coins back into circulation to serve the currency needs of the country. I Photo: Bangko Sentral ng Pilipinas

The total coin collection has reached P1.008 billion as of October 11 through more than 240,000 deposit transactions of over 260,000,000 pieces of coins in various denominations, according to the BSP.

The BSP highlighted that this collection was achieved in just over a year since the project’s launch in June 2023.

“Through the CoDM, people can deposit legal tender coins in the machines, with the total value credited to e-wallet accounts in GCash or Maya, GoTyme bank accounts, or converted into shopping vouchers,” the BSP stated.

The coin deposit machines project is part of the BSP’s Coin Recirculation Program, aimed at putting idle coins back into circulation to serve the currency needs of the country.

“Building on this success, the BSP will expand the project by installing 25 more CoDMs nationwide in 2025. This will make it more convenient for Filipinos to deposit their idle coins, helping to recirculate them back into the economy while promoting cashless transactions,” the bank said.

By increasing the accessibility of the CoDMs, the BSP aims to reach more communities and ensure that the benefits of the initiative are widely felt across all regions.

The BSP has so far installed CoDMs at the following locations: Robinsons Place Metro East, Pasig City; Robinsons Place Novaliches, Quezon City (QC); Robinsons Place Antipolo, Rizal; Robinsons Place Magnolia, QC; Robinsons Place Ermita, Manila; and Robinsons Galleria, Ortigas; and Festival Mall, Muntinlupa City.

It has also deployed CoDMs in SM Megamall, Mandaluyong City; SM City Grand Central, Caloocan; SM City Marilao, Bulacan; SM City Taytay, Rizal; SM Hypermarket FTI, Taguig City; SM Southmall, Las Piñas City; SM City Sucat, Parañaque; SM City Calamba; SM City Marikina; SM City San Mateo, Rizal; SM City Valenzuela; SM Mall of Asia, Pasay City; SM City North EDSA, QC; SM City Fairview, QC; SM City San Lazaro, Manila; SM City Bicutan, Parañaque; and SM City Bacoor, Cavite.