The Bangko Sentral ng Pilipinas (BSP) has teamed up with SM Retail, Robinsons Supermarket Corporation, and Filinvest Lifemalls Corporation to launch the new Coin Deposit Machines (CoDM).
These machines will help put idle coins back in circulation by allowing Filipinos to convert them to GCash e-wallet funds. The central bank is also working to get Maya on board.
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With the CoDM project, the BSP is encouraging the public to get their idle coins stored in their piggy banks, jars, and other storage they save money on, and deposit them in the CoDM that are conveniently placed in participating malls.
The initial machines are already available in SM Mall of Asia (MOA) 1, Robinsons Place Ermita, and Festival Supermall in Muntinlupa. A total of 25 CoDMs will be deployed in the greater Manila area.
Other than GCash funds, those who will use the machines in SM MOA and Festival Mall can choose to get SM shopping vouchers in exchange for their deposited coins.
The machines will accept all coin denominations: 1, 5, 10, and 25 centavo coins and the 1, 5, 10, and 20-peso coins from both the BSP Coin Series and the New Generation Currency Coin series.