Smash those piggy banks and put all your idle coins in a bag, as you can now convert these into either e-wallet credit or shopping vouchers via a coin deposit machine (CoDM).
The CoDM is an initiative launched by the Bangko Sentral ng Pilipinas (BSP) and their partner retailers to enhance coin circulation as some areas in the country experience artificial coin shortage.
According to the central bank, there are 11.1 billion pieces of coins in circulation, of which 6.7 billion pieces were low-denomination coins.
The project also aims to ensure that the coins that the public use are fit and legal tender currency, and to lessen the cost of the production of new coins.
The BSP targets to deploy 25 CoDM units across the Greater Manila Area. Four units went live last month, with two CoDMs placed at the SM Mall of Asia in Pasay City, one in Robinsons Place Ermita in Manila City, and another one in Festival Mall in Muntinlupa City.
For those who haven’t tried using the CoDM, here are the steps on how to use it:
- Place your coins in the coin slot. The machine accepts all denominations of the BSP Coin Series and New Generation Currency (NGC) Coin Series, from one centavo to the new P20 coin.
The machine will reject mutilated and unfit coins, demonetized coins, foreign currency, and foreign objects like tokens.
- Press the “A” button. Press the “A” button to start the counting of the coins. The amount will be displayed on the screen. A printed initial coin count receipt will be issued, which bears the denomination, quantity, and corresponding amount of deposited coins.
In some cases, not all the coins will be counted. You can check and get the coins in the slot below the machine and have those counted again.
Coins should be placed in the coin slot gradually so it won’t get stuck. Scotch tape or paper covering the coins should also be removed.
- Press the “B” button. After all the coins are counted, press the “B” button to proceed to conversion. This is where you can choose between crediting your coins to your GCash e-wallet account or converting it into an SM shopping voucher.
Should you choose the e-wallet option, you will then be asked to input your mobile number or GCash account number in the tabletop touchscreen of the machine. Currently, only GCash is available for the e-wallet credit option, but the BSP said that they are in talks with electronic money issuer Maya to get them onboard the project.
Meanwhile, if you choose to convert your coins into an SM shopping voucher, the CoDM transaction receipt will serve as your payment for your shopping needs.
Are there limitations?
Depositors can convert their coins into e-wallet or shopping vouchers in the CoDMs for free.
The BSP said that there is no minimum and maximum amount required for the conversion of coins to SM shopping vouchers.
For GCash credit, the minimum amount should be at least P1, while the maximum amount will depend on the wallet limit of the GCash user.
Below is the wallet and transaction limits in the mobile payments service app:
More CoDMs
Six more CoDMs will be launched in other locations, which the central bank has yet to announce.
The other 15 units will be deployed to other establishments from June to August 2023, the BSP said.
