Coin-deposit machines collection up ₧648.9M

COINS collected through Coin Deposit Machines (CODMS) increased to P648.9 million as of last week, according to the Bangko Sentral ng Pilipinas (BSP).

The BSP said the coins were collected through 161,725 transactions since the CODMS were put in place in June 2023.

There are 25 CODMS located across three retailers in the Greater Manila Area. The BSP plans to assess the project after a year to determine if the project will be expanded to other regions.

“Through the CODM project, the BSP aims to address the artificial coin shortage in certain areas of the country and help ensure that only fit and legal tender currency is readily available for public use,” read a statement issued by the central bank.

“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,” added the BSP.

Depositors may choose to credit the value of their deposited coins to their Gcash e-wallet account. The crediting option is available in all CODM units.

The BSP also intends to announce additional electronic money issuers (EMIS) that may participate later.

Earlier, the BSP aims to double the number of CODMS within the year to bring this service to Filipinos living outside of the Greater Manila Area.

BSP Regional Operations and Advocacy Sector Deputy Governor Bernadette Romulo-puyat told reporters this means the current 25 CODMS will become 50 this year.

Romulo-puyat said, however, this will depend on the quotation that BSP’S supplier will have on the machines which are currently being leased to the central bank. She added that the 25 machines are currently located in malls in the National Capital Region and the Greater Manila Area. The decision to place this in malls is based on the results of focus group discussions conducted by the BSP for the project.

She said the decision to add more CODMS to other parts of the country is due to the “overwhelming” success of the program. The BSP official said there are a number of retailers who have indicated their interest to have CODMS in their malls.

Currently, the CODMS are located in Robinsons and SM malls. Romulopuyat said the Ayala Group is among the retailers who have expressed interest to host CODMS in their malls.