The value of the coins collected through coin deposit machines (CoDMs) rose to P707.7 million as of last week, according to the Bangko Sentral ng Pilipinas (BSP). BSP said the coins were collected through 174,656 transactions since the CoDMs were put in place in June 2023.
The value of the coins collected through coin deposit machines rose to P707.7 million as of last week, according to the Bangko Sentral ng Pilipinas .
There are 25 CoDMs located across three retailers in the Greater Manila Area . The BSP plans to assess the project after a year to determine if the project will be expanded to other regions. “With the option to credit the value of deposited coins to e-wallets, the CoDM project also promotes the use of digital payments and strengthens financial inclusion,” it added.
BSP Regional Operations and Advocacy Sector Deputy Governor Bernadette Romulo-Puyat told reporters that the current number of CoDMs could double to 50 this year.
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