The Bangko Sentral ng Pilipinas (BSP) said its coin deposit machines (CoDMs) collected over P1 billion since they were launched in June 2023.
It said the total coin collection reached P1,008,889,490.24 as of Oct. 11, 2024.
The BSP said to further expand the project’s reach, it would install 25 more machines nationwide in 2025.
“This will make it more convenient for Filipinos to deposit their idle coins, helping recirculate them back into the economy while promoting cashless transactions,” the BSP said.
“By increasing accessibility, the BSP aims to reach more communities and ensure that the benefits of the CoDM initiative are widely felt across all regions,” it said.
The machines accumulated more than 260 million pieces of coins and facilitated more than 240,000 transactions. Through the CoDMs, 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.
The BSP asked customers that coins should not be taped or bundled and should not come with other objects like buttons, magnets, nails, tokens, screws or washers. They should be gently placed in the coin slot in handfuls.
It also advised customers to ensure their e-wallet accounts are valid, active and within the prescribed transaction limits.
The BSP installed CoDMs at several malls in Metro Manila, Bulacan, Rizal, Cavite and Laguna.
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