The Bangko Sentral ng Pilipinas (BSP) and its partner retailers rolled out last June 20 the Coin Deposit Machines (CoDM) to promote efficient coin recirculation in the country.
The CoDMs allow customers to deposit coins and directly credit the equivalent amount to their GCash electronic wallets. The BSP added it is likewise working with electronic money issuer Maya to onboard them to the project and provide more options to the public.
“This is in line with the central bank’s payment digitalization and financial inclusion agenda,” the BSP said in a statement.
Through the CoDM project, the BSP said it encourages the public to deposit their idle coins stored in their jars, piggy banks, and other containers in accessible and efficient coin exchange facilities in participating malls.
In collaboration with SM Retail, Robinsons Supermarket Corporation, and Filinvest Lifemalls Corporation, CoDMs went live in SM Mall of Asia (MOA)1 in Pasay, Robinsons Place Ermita in Manila, and Festival Supermall in Muntinlupa.
Customers of SM MOA and Festival Mall may choose to redeem the value of their deposited coins in the form of SM shopping vouchers.
Six more machines will be deployed in select locations across the Greater Manila Area in the next few days, the BSP said.
CoDMs accept all denominations of the BSP Coin Series and the New Generation Currency Coin Series.