The introduction of Coins Deposit Machines (CoDMs) by the Bangko Sentral ng Pilipinas (BSP) has marked a significant milestone in the campaign to improve currency circulation in the country. Since June 20, 2023, these machines have amassed a staggering P831.774 million in coins by July 15, 2024.
The introduction of Coins Deposit Machines by the Bangko Sentral ng Pilipinas has marked a significant milestone in the campaign to improve currency circulation in the country. Since June 20, 2023, these machines have amassed a staggering P831.774 million in coins by July 15, 2024.The impact of CoDMs extends beyond these collection figures. With 223.
Secondly, the CoDM program promotes greater financial responsibility and awareness among Filipinos. The ease with which people can now deposit their coins, and the option to convert them into e-wallet credits or shopping vouchers, incentivizes citizens to be more mindful of their small change. This can foster a culture of saving and responsible money management, which is essential for building financial resilience at the individual and household level.
The partnership between BSP and mall operators underscores a collaborative effort to enhance financial literacy and commercial activity. The conversion of deposited coins into e-wallet credit and shopping vouchers not only incentivizes individuals to utilize their coins but also stimulates consumer spending, thereby driving economic growth.
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