OVER P1.0 billion has been collected from coin deposit machines (CoDMs) introduced by the Bangko Sentral ng Pilipinas (BSP) last year to enhance the circulation of money.
The central bank reported on Thursday that coin deposit machine transactions had almost reached 240,000 as of October 11 and that over 260 million coins had been deposited and exchanged for e-wallet credits or shopping vouchers.
In terms of value, coin collections had reached just under P1.01 billion or P1,008,889,490.24 to be exact, it added.
The program, which the BSP earlier said would "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," was launched in June 2023 under partnerships with Filinvest Lifemalls Corp., Robinsons Supermarket Corp. and SM Retail Inc.
Twenty-five machines were rolled out in malls owned by SM, Robinsons and Filinvest in Metro Manila and nearby cities.
The central bank on Wednesday said it would expand the project by installing 25 more CoDMs 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," it added.
"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."
Consumers can deposit legal tender coins into the machines, and the value is either credited to their GCash, Maya or GoTyme bank accounts or converted into shopping vouchers.
The e-wallet accounts should be valid, active and within prescribed transaction limits, the central bank has said.
All denominations of the BSP Coin Series and New Generation Currency Coin Series are accepted.
The coins should not be taped or bundled, must not come with other objects like buttons, tokens or washers, and should be placed gently in the machine's coin slot, the BSP also said.