Got coins lying around the house? You can soon deposit them and redeem their accumulated value from partner retail establishments.
The Bangko Sentral ng Pilipinas (BSP) and its partner retailers recently signed a Memorandum of Agreement (MOA) to deploy Coin Deposit Machines (CoDM) in an effort to promote efficient coin recirculation in the country.
Present during the MOA signing were BSP Governor Felipe M. Medalla, and representatives from SM Retail Inc., Filinvest Land Inc., and Robinsons Supermarket.
According to the central bank, it will deploy an initial 25 coin deposit machines in Metro Manila and nearby provinces.
These CoDMs will allow customers to conveniently deposit coins and redeem their accumulated value from partner retail establishments through shopping vouchers or rewards card points. Alternately, customers may opt to directly credit the amount to their participating bank accounts or e-wallets.
Fit coins collected from the machines will be returned into circulation when partner retailers use them as change for over-the-counter payments of good and services.
Unfit coins—those that are bent, twisted out of shape, defaced, or showing signs of corrosion—will be removed from circulation and subsequently retired by the BSP.
In addition to coin recirculation, the CoDM Project also supports the BSP’s efforts to promote digitalization and financial inclusion by allowing auto-crediting to bank accounts or electronic wallets.