A major breakthrough has been realized with regards to recirculating massive amounts of loose change in the Philippines as more than P1 billion in coins have officially been deposited into the coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas, according to a GMA Network news report.
To put things in perspective, posted below is an excerpt from the GMA news report. Some parts in boldface…
Over a year since the launch of coin deposit machines (CoDMs), the monetary value of coins deposited through the Bangko Sentral ng Pilipinas’ (BSP) initiative to promote coin circulation has breached P1 billion.
In a statement on Thursday, the BSP said the total value of coins which coursed through CoDMs has reached P1,008,889,490.24.
The CoDMs, introduced in June 2023, were launched in a bid to encourage the public to make use of their idle coins.
The BSP said that since its launch, the CoDMs have accumulated more than 260,000,000 pieces of coins and facilitated almost 240,000 transactions.
Through CoDMs, people can place legal tender coins in the machines, with the total value credited to e-wallet accounts in GCash or Maya, GoTyme bank accounts, or converted into shopping vouchers.
As of this writing, the BSP’s coin deposit project website has yet to have the latest numbers published. Previously, the official numbers were P950,361,380.76 in overall value, 250,352,704 coins counted and 228,482 transactions registered as of September 15, 2024. You can read my September 26, 2024 post by clicking here.
Let me end this piece by asking you readers: What is your reaction to this recent development? Have you deposited your loose change into a BSP coin deposit machine in your locality during the past sixty days?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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