THE Bangko Sentral ng Pilipinas (BSP)’s coin deposit machine (CoDM) initiative has hit a significant milestone, surpassing P1 billion in coin deposits since its launch over a year ago.
In a statement released on Thursday, the BSP announced that the total value of coins deposited through CoDMs has reached a remarkable P1,008,889,490.24.
This achievement underscores the success of the initiative in promoting coin circulation and making it easier for Filipinos to deposit their unused coins, thereby injecting them back into the economy.
The BSP emphasized its commitment to expanding the reach of the CoDM program, aiming to make it accessible to more communities across all regions. By increasing accessibility, the central bank hopes to maximize the benefits of the initiative and encourage cashless transactions.
To ensure smooth and efficient use of the CoDMs, the BSP reminded customers of a few key guidelines:
Coins must not be taped or bundled.
Do not deposit coins with other objects like buttons, magnets, nails, tokens, screws, or washers.
Gently place coins in handfuls into the coin slot.
The BSP also advised customers to confirm that their e-wallet accounts are valid, active, and within the prescribed transaction limits.
The success of the CoDM initiative demonstrates the BSP’s commitment to promoting financial inclusion and fostering a more efficient and convenient financial system for all Filipinos.
over a year since the launch of coin deposit machines (CoDMs), the monetary value of coins deposited through the Bangko Sentral ng Pilipinas’ (BSP) initiative to promote coin circulation has breached P1 billion.
In a statement on Thursday, the BSP said the total value of coins which coursed through CoDMs has reached P1,008,889,490.24.
“This will make it more convenient for Filipinos to deposit their idle coins, helping recirculate them back into the economy while promoting cashless transactions,” the central bank said.
“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,” it added.
In using the machines, the BSP reminded customers that coins must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers, and should be gently placed in the coin slot in handfuls.
Furthermore, the central bank advised customers to ensure their e-wallet accounts are valid, active, and within the prescribed transaction limits.
