Image credit – Bangko Sentral ng Pilipinas official Facebook page

MANILA, Philippines, 20 June 2023 – The Bangko Sentral ng Pilipinas (BSP), or the Central Bank of the Philippines, in partnership with major retailers in the Philippines launched the coin deposit machines (CoDMs) across the Greater Manilla Area today.

The project aims to encourage the public to deposit their idle coins in the CoDMs to promote efficient coin recirculation in the country. BSP Governor Felipe Medalla said at the launch event that this BSP-initiated project aims to address the perceived coin shortage in some parts of the country and reduce the need to mint more coins. People tend to disregard the coins they have by not using and just leaving them at home while others keep them as savings.

The value of coins deposited in the CoDMs may either be credited to the depositor’s e-wallet account or converted into a shopping voucher that can be used partner stores nationwide. Fit coins deposited in the machines will be issued to the partner retailers to supplement their coin requirements for over-the-counter payment transactions. Through the CoDM project, the BSP aims provide an efficient channel to recirculate coins in order to address the artificial coin shortage. With the option to credit the value of deposited coins to e-wallets, the CoDM project also promotes the use of digital payments and strengthens financial inclusion.

Read the full media release here.

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