BSP launches coin deposit machines

Bangko Sentral ng Pilipinas Governor Felipe Medalla (centre) posing with BSP Deputy Governor Bernadette Romulo-Puyat and BDO chair and SM Investments Corp vice chair Teresita Sy-Coson (right) at the launch of coin deposit machines at SM Mall of Asia in Pasay City. - BSP

MANILA (Philippine Daily Inquirer/Asia News Network): The Bangko Sentral ng Pilipinas in partnership with the SM and Robinsons groups on Tuesday (June 20) launched the first three out of a planned initial batch of 25 coin deposit machines (CODMs).

In what the BSP touted as a pioneering effort in South-East Asia, the machines are intended to recirculate idle coins by encouraging consumers to convert these coins into e-wallet credit or shopping vouchers.