Central bank introduces coin deposit machines

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Photo from: Inquirer

By Inquirer

Introducing the automated coin deposit machine (CoDMs), the latest of the government’s stratagems to promote the re-circulation of coins and persuade Filipinos to use the low-value currency in their daily transactions.

In partnership with business groups with large networks of retail establishments such as the SM, Robinsons, and Filinvest groups, the Bangko Sentral ng Pilipinas (BSP) is working on the deployment of an initial batch of 25 CoDMs in select sites across the Greater Manila Area and nearby provinces.

The hope is that Filipinos would feed the CoDMs with coins in exchange for shopping credits instead of keeping the coins in piggy banks.

The automated CoDMs are intended to enable customers to conveniently deposit coins and redeem their accumulated value from partner retail establishments through shopping vouchers or rewards card points.

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