Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

BSP coin deposit machine collections breach P1-billion mark

by
October 17, 2024
in Top News
0
BSP coin deposit machine collections breach P1-billion mark
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter
A STORE OWNER inserts her coins in a coin deposit machine. — BSP

THE BANGKO SENTRAL ng Pilipinas’ (BSP) coin deposit machines (CoDMs) have collected currency valued at over P1 billion as of Oct. 11, it said on Thursday.

“Since its launch, the CoDMs have accumulated more than 260,000,000 pieces of coins and facilitated more than 240,000 transactions,” the BSP said in a statement.

The BSP and its retail partners launched the deposit machines in June 2023 to help promote efficient coin recirculation.

The initiative aims to address the artificial coin shortage in the financial system and help ensure that only fit and legal tender currency is available for public use.

“Building on this success, the BSP will expand the project by installing 25 more CoDMs nationwide in 2025,” the central bank said.

“This will make it more convenient for Filipinos to deposit their idle coins, helping recirculate them back into the economy while promoting cashless transactions. By increasing accessibility, the BSP aims to reach more communities and ensure that the benefits of the CoDM initiative are widely felt across all regions.”

There are currently 25 deposit machines available in the Greater Manila Area, which are in select retail establishments of the SM Store, Robinsons Supermarket and Festival Mall.

All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDMs. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machines.

The value of coins deposited in CoDMs may be credited to an individual’s account in GoTyme Bank or e-wallets GCash or Maya, or converted into shopping vouchers.

“In using the machines, the BSP reminds customers that coins must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers, and should be gently placed in the coin slot in handfuls,” the central bank said.

“Furthermore, the BSP advises customers to ensure their e-wallet accounts are valid, active, and within the prescribed transaction limits.” — Luisa Maria Jacinta C. Jocson

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
Enjoying the sounds of Asia live

Enjoying the sounds of Asia live

Recommended

Global Dominion: Simplifying financing to empower every Filipino

Global Dominion: Simplifying financing to empower every Filipino

December 11, 2024
The need for property tax reform

The need for property tax reform

November 13, 2024
The Impact of the Online Safety Act on UK Businesses

The Impact of the Online Safety Act on UK Businesses

October 27, 2024
Kalinga coffee industry gets boost

Kalinga coffee industry gets boost

September 22, 2024
Federal Land redefines urban living with award-winning developments

Federal Land redefines urban living with award-winning developments

September 22, 2024
Immigration bureau warns vs rising use of fake passports

Immigration bureau warns vs rising use of fake passports

August 1, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Terms & Conditions
    • Thank you

    Copyright © 2024 investdailypro.com | All Rights Reserved