Manila, Beritabulukumba.com – The Bangko Sentral ng Pilipinas (BSP) reported that its coin deposit machines (CoDMs) have successfully collected over P18 million worth of coins within a month since their deployment.
As of July 30, the total value of deposited coins reached P18,069,492.56, which equals 8,787,059 pieces of coins.
Deposited coins are directly credited to GCash wallets or converted into shopping vouchers, as per the central bank’s previous announcement.
The coin deposit machines installed in malls in Manila, Pasay, and Muntinlupa were highly popular, with retailers setting up designated spaces for depositors.
Given the positive response, the BSP plans to deploy 15 additional coin deposit machines in Metro Manila, said Deputy Governor Bernadette Romulo Puyat.
This will add to the 10 CoDMs already in operation.
“This is to address the artificial coin shortage. Instead of keeping them at home, we’re returning them to circulation,” Romulo-Puyat explained.
BSP is also exploring the inclusion of more e-wallet platforms in the project, as 98 percent of depositors chose to credit their coin deposits to their e-wallet accounts.
Notable retailers, such as SM Store, Robinsons Supermarket, and Festival Mall, have joined the BSP’s coin deposit machine project.