Coin Deposit Machines Haul In PHP 98 Million

The Bangko Sentral ng Pilipinas (BSP) announced that as of September this year, a total of PHP 98.8 million worth of coins have been deposited through its coin deposit machines (CoDMs).

The BSP recently deployed 15 more coin deposit machines, bringing the total number of units available to 25 across the Greater Manila Area. I Photo: Philippine Information Agency

The BSP reported that this amount is equivalent to 37.2 million coins from over 37,000 transactions.

The highest single transaction recorded so far amounted to PHP 100,260. CoDMs allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash or Maya electronic wallets (e-wallets).

The BSP recently deployed 15 more coin deposit machines, bringing the total number of units available to 25 across the Greater Manila Area.

These machines are located at various retail establishments, including SM Megamall in Mandaluyong City, SM City Grand Central in Caloocan, SM City Marilao in Bulacan, SM City Taytay in Rizal, and other locations.

"With more CoDMs installed in various retail establishments, the BSP expects wider public use, which will lead to more efficient coin recirculation in the country," the BSP said.

The BSP also reminded the public that coins for deposit should not be taped or bundled, must not include foreign objects like buttons, magnets, nails, tokens, and screws, and should be placed in the machine's coin slot by the handful.

Customers are advised to ensure that their e-wallet accounts are valid and active and that their transactions are within the prescribed wallet and transaction limits of their e-wallet service provider.

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