The Bangko Sentral ng Pilipinas (BSP) said PHP648.9 million worth of coins have been deposited through its coin deposit machines (CoDMs) as of April 15.

In a social media post on Monday, BSP said the amount is equivalent to 179.6 million pieces of coins from over 161,000 transactions.

The BSP has installed 25 CoDMs in the Greater Manila Area since June 2023.

CoDMs allow customers to conveniently deposit their legal tender coins which will be credited to their electronic wallet accounts or converted into shopping vouchers.

The machines support the BSP’s Coin Recirculation Program that aims to put idle coins back in circulation to serve the currency needs of the country.

In cooperation with partner retailers and electronic money issuers, the CoDMs also promote a cash-lite economy with the adoption of payments digitalization. (PNA)