Bangko Sentral Recovers 211.6 Million Coins Worth PHP783.6 Million

The Bangko Sentral ng Pilipinas (BSP) announced that PHP783.6 million worth of coins have been deposited through its coin deposit machines (CoDM) as of June 23 this year.

The CoDM project, launched on June 20, 2023, aims to address the artificial coin shortage in certain areas of the country and ensure the availability of fit and legal tender currency for public use.

In a Facebook post, the BSP stated that this amount corresponds to 211.68 million coins from 191,804 transactions.

The CoDM project, launched on June 20, 2023, aims to address the artificial coin shortage in certain areas of the country and ensure the availability of fit and legal tender currency for public use.

CoDMs allow customers to conveniently deposit their legal tender coins, which can be credited to their GCash or Maya electronic wallet accounts or converted into shopping vouchers.

This initiative supports the BSP's Coin Recirculation Program, which aims to put idle coins back into circulation to meet the country's currency needs.

Currently, the BSP has deployed 25 CoDMs in partner retail establishments across the Greater Manila Area, including locations such as Robinsons Place Metro East, SM Megamall, SM City North EDSA, and SM Mall of Asia.