The Bangko Sentral ng Pilipinas (BSP) has launched its coin deposit machine (CoDM) project in major shopping malls across the country as part of its initiative to promote coin usage and discourage hoarding.
BSP officials, led by Governor Felipe M. Medalla, unveiled the project by deploying CoDMs in key locations such as SM Mall of Asia, Robinsons Ermita, and Festival Supermall in Muntinlupa.
Additional machines will be distributed in the coming days, with a total of 25 CoDMs planned for release in Metro Manila during the pilot phase.
The CoDMs offer customers a convenient and automated way to deposit their coins and redeem the accumulated value through shopping vouchers or rewards card points at partner retail establishments.
Customers also have the option to directly credit the deposited amount to their participating bank accounts or electronic wallets. Initially, the BSP has partnered with GCash electronic wallet for crediting coin deposits, and Maya will be introduced as an additional option in the future.
Customers of SM MOA and Festival Mall can choose to redeem the value of their deposited coins in the form of SM shopping vouchers, further enhancing the utility of the CoDMs.