Last June 20, 2023, the Bangko Sentral ng Pilipinas (BSP) and partner retailers launched the Coin Deposit Machines (CoDM). The machines are set to promote efficient coin recirculation in the country. Through the CoDM project, the BSP encourages the public to deposit their idle coins stored in their jars, piggy banks, and other containers in accessible, convenient, and efficient coin exchange facilities in participating malls.
In collaboration with SM Retail, Inc., Robinsons Supermarket Corporation, and Filinvest Lifemalls Corporation, CoDMs went live in SM Mall of Asia (MOA) in Pasay, Robinsons Place Ermita in Manila, and Festival Supermall in Muntinlupa. Soon, six more machines will be deployed in select locations across the Greater Manila Area.
So, the next time you visit your favorite mall to shop for pasalubong to take back overseas, drop in at a CoDM and exchange those coins for their digital money or voucher equivalents. The CoDMs shall accept all denominations (i.e., 1-, 5-, 10-, and 25-sentimo; and 1-, 5-, 10-, and 20-piso) of the BSP Coin Series and the New Generation Currency Coin Series. This means that you can whittle down your wallet weight and convert any of your Philippine currency coins.
It’s better if you have an e-wallet…
If you were in the Philippines for a bit, you likely picked up a local sim and got influenced to create a local e-wallet for yourself. That’s convenient, because the CoDMs allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash electronic wallets. The BSP is likewise working with electronic money issuer Maya to onboard them to the project and provide more options to the public. This is in line with the central bank’s payment digitalization and financial inclusion agenda.
But if you don’t have an e-wallet…
Alternatively, customers of SM MOA and Festival Mall may choose to redeem the value of their deposited coins in the form of SM shopping vouchers. This gives you a little more spending vouchers to grab yourself another souvenir trinket or foodie pasalubong.
