Photo credit: BSP

The Bangko Sentral ng Pilipinas (BSP) is celebrating a major milestone as its Coin Deposit Machines (CoDMs) have raked in over PHP1 billion just a little over a year since the initiative kicked off in June 2023. With a grand total of PHP1,008,889,490.24 collected as of October 11, 2024, it’s clear that Filipinos have embraced the chance to put their idle coins to better use.

And the BSP isn’t stopping there. Building on this impressive achievement, they’re gearing up to expand the program by rolling out 25 more CoDMs across the country in 2025. That means even more opportunities for people to deposit their loose change, help recirculate coins back into the economy, and move towards cashless transactions—all in one simple step.

Since the launch, these CoDMs have collected more than 260 million coins, processing around 240,000 transactions. That’s a whole lot of jingling change making its way back into the system, turning idle coins into valuable currency for everyday use.

Using these machines is easy: just drop your legal tender coins into the machine, and voilà! The total value is credited straight to your e-wallet (GCash or Maya), bank account (GoTyme), or can even be converted into shopping vouchers. However, there are some things to keep in mind—make sure your coins aren’t taped or bundled with any other objects like buttons or magnets, and always use a valid and active e-wallet account.

With current CoDM locations stretching from Robinsons Place Metro East in Pasig to SM City Bacoor in Cavite, there are already plenty of spots to drop off your loose change. And soon, even more communities will benefit from this convenient and modern way to cash in their coins.

So, if you’ve got coins gathering dust at home, now’s the time to put them to good use. The BSP’s expansion of CoDMs ensures that Filipinos nationwide can continue to enjoy the perks of this initiative, one handful of coins at a time.