Through 10 Coin Deposit Machines (CODMs) that were introduced in a few shopping malls since June 20, the Bangko Sentral ng Pilipinas (BSP) was able to reintroduce P12.5 million in various coins into circulation.
The installation of two CODMs at SM Mall of Asia in Pasay City, two more at Robinsons Place Ermita in Manila, and one more at Festival Mall in Muntinlupa City marked the beginning of the spread of CODMs over the past six weeks.
The remaining ones were dispersed throughout SM Cities San Lazaro, Bicutan, Bacoor, Robinsons Place Galleria Ortigas, SM Cities North Edsa, and Fairview.
According to BSP Deputy Governor Bernadette Romulo Puyat, the initial deployment of 25 CODMs was supposed to be completed by 15 more units from a US source.
“It is amazing how consumers adopted the use of the (CODMs) over such a short period,” Puyat said in an interview.
The Deputy Governor said that the launching of the CODMs was intended to put idle coins back in circulation by encouraging consumers to convert these into e-wallet credit or shopping vouchers.
The machines accept coins of all denominations, including the 1-, 5-, 10-, and 25-Sentimo and 1-, 5-, 10-, and 20-Piso coins from the New Generation Currency Coin Series and the BSP Coin Series.
When the first CODM units were introduced, Felipe Medalla, the then-BSP Governor, observed that Filipinos frequently accumulate "an unbelievable amount" of coins at home, which signified a sizeable sum of money that was not being employed in the economy.
Coins could artificially become scarce as a result, which would be counterproductive to their original use as a medium of commerce.
Coin owners now have the option to use their metal currency without having to waste time going to the bank to deposit it in their accounts thanks to CODMs.
