A TOTAL of P98.8 million worth of coins have been deposited in coin deposit machines (CoDMs) as of September this year, according to the Bangko Sentral ng Pilipinas (BSP).
This is equivalent to 37.2 million pieces of coins from over 37,000 transactions.
This figure is expected to rise further as 15 new CoDMs were recently deployed, bringing the total number to 25 CoDMs initially installed in malls across Metro Manila, contributing to the efficient recirculation of coins within the economy, the BSP said.
These new CoDMs are located at 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; Robinsons Place Metro East, Pasig City; Robinsons Place Novaliches, Quezon City; Robinsons Place Antipolo, Rizal; and Robinsons Place Magnolia.
The BSP said the highest single transaction recorded so far was P100,260.
CoDMs allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash or Maya electronic wallets (e-wallets).
Alternatively, customers of SM Stores and Festival Mall may redeem the value of their deposited coins in the form of SM shopping vouchers.
CoDMs were launched in June to encourage the public to deposit their idle coins stored in their jars, piggy banks, and other containers.
The machine accepts all denominations (i.e., 1-, 5-, 10-, and 25-Sentimo; and 1-, 5-, 10-, and 20-Piso) of the BSP Coin Series and the New Generation Currency Coin Series.
The BSP urged the public to ensure that coins for deposit must not be taped or bundled; must not include foreign objects, such as buttons, magnets, nails, tokens, and screws; and should be placed in the machine’s coin slot by the handful.
Retailer Robert Go, spokesman of the Philippine Retailers Association Cebu Chapter, said in a past interview that initiatives such as this are a big help to the economy as they benefit retailers who have been having difficulty dispensing coins as change.
“We have to go to churches to buy the coins at higher amounts to get priority. There is still a lack of coins today,” he said.