20th June 2023

The Central Bank of the Philippines unveils GLORY coin deposit machines to improve coin recirculation in the country

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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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About GLORY

As a global leader in cash technology solutions, we provide the financial, retail, cash center and gaming industries with confidence that their cash is protected and always working to help build a stronger business.

 

Our cash automation technologies and process engineering services help businesses in more than 100 countries optimize the handling, movement and management of cash. While we span the globe, we personally engage with each customer to address their unique challenges and goals — enhancing staff efficiency, reducing operating costs and enabling a more rewarding customer experience.

 

Employing over 10,000 professionals worldwide with dedicated R&D and manufacturing facilities across the world, GLORY is built on a rich customer-focused, technology-driven heritage spanning almost a hundred years.

 

For further information please visit https://www.glory-global.com or follow us on LinkedIn:  https://www.linkedin.com/company/glory-global/


Asia Pacific Media Contact

Sandy Lee

Regional Marketing Manager

sandy.lee@sg.glory-global.com

Tel: +65 9655 0197

 

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