The Bangko Sentral ng Pilipinas (BSP) said PHP510 million worth of coins have been deposited through its coin deposit machines (CoDMs).

The BSP said the amount is equivalent to 145.5 million pieces of coins from over 134,000 transactions.

BSP Deputy Governor Bernadette Romulo-Puyat disclosed this at the CoDM Project Milestone and Retail Appreciation ceremony at the Robinsons Metro East, Pasig City on Friday.

Since June 2023, the BSP has installed 25 CoDMs in the Greater Manila Area.

CoDMs allow customers to conveniently deposit their legal tender coins to be credited to their electronic wallet accounts, or converted into shopping vouchers.

The coin deposit machines support the BSP’s Coin Recirculation Program that aims to put idle coins back in circulation to serve the currency needs of the country.

In cooperation with partner retailers and electronic money issuers, the CoDMs also promote a cash-lite economy with the adoption of payments digitalization. (PNA)