BSP Launches Coin Deposit Machines

The Bangko Sentral ng Pilipinas (BSP) has launched Coin Deposit Machines (CoDM) in partnership with several retailers, aiming to promote efficient coin recirculation in the country. According to the bank, the machines are ‘accessible, convenient, and efficient coin exchange facilities’.

In collaboration with three organisations – SM Retail, Inc., Robinsons Supermarket Corporation, and Filinvest Lifemalls Corporation – the first set of machines were launched in three malls on the main island Luzon, the most populous island in the Philippines. The Bank plans to deploy six more machines across the Greater Manila Area next, with a total of 25 CoDMs planned for the initial rollout.

Through the project, the BSP is encouraging members of the public to deposit their idle coins stored in jars, piggy banks etc. in participating malls. The machines accept all denominations of both the BSP Coin series and the current New Generation Currency Coin Series.