FOLLOWING the success of the deployment of Coin Deposit Machines (CODMs) in Luzon, the Bangko Sentral ng Pilipinas (BSP) announced it will expand the project nationwide in 2025.
The BSP said it will install 25 more CODMs next year. The central bank though has yet to disclose where it will deploy the machines.
BSP said these machines will make it more convenient for Filipinos to deposit their idle coins, helping recirculate them back into the economy while promoting cashless transactions.
By increasing accessibility, the central bank aims to reach more communities and ensure that the benefits of the CODM initiative are widely felt across all regions.
As of Oct. 11, 2024, the BSP has collected more than P1 billion CoDMs just over a year since the project’s launch in June 2023.
The total coin collection has reached P1,008,889.49.
Since its launch, the CODMs have accumulated more than 260,000 pieces of coins and facilitated almost 240,000 transactions.
Through the CODM, people can place 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.
In using the machines, the BSP reminds customers that coins must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers and should be gently placed in the coin slot in handfuls.
The central bank urged customers to ensure their e-wallet accounts are valid, active and within the prescribed transaction limits. / KOC