Philippines Embraces Digital Currency with Expansion of Coin Deposit Machines

Bangko Sentral ng Pilipinas (BSP) has expanded its Coin Deposit Machine (CoDM) network across Luzon, enabling Filipinos to convert loose change into e-wallet credits (GCash and Maya) or shopping vouchers redeemable at SM Stores nationwide. The CoDMs are located in SM Malls, Robinsons Malls, and Festival Mall, with new machines deployed in SM Megamall, Robinsons Place Metro East, SM City Grand Central, and SM Marilao.

Is the Philippines Finally Embracing Digital Currency?

The Bangko Sentral ng Pilipinas (BSP) is making it easier for Filipinos to turn their spare change into digital currency or shopping vouchers with the deployment of Coin Deposit Machines (CoDMs) across Luzon.

What's New with CoDMs?

• E-Wallet Integration: You can now deposit coins into your GCash or Maya wallet.
• Shopping Voucher Option: Selected machines at SM and Festival Mall allow you to convert coins into shopping vouchers redeemable at SM Stores nationwide.

Where Can You Find CoDMs?

BSP has expanded the network of CoDMs, with new locations at:

• SM Megamall
• Robinsons Place Metro East
• SM City Grand Central
• SM Marilao

Here's a comprehensive list of all CoDM locations:

• SM City Marilao - 2/F SM Store beside Home World Decor
• SM City Grand Central - 2/F SM Store, Customer Service Area
• SM Fairview - G/F inside Customer Service, beside Click and Collect Counter
• Robinsons Place Novaliches - G/F Robinsons Supermarket store
• SM City North EDSA - UG/F near Call to Deliver and Boys Teen Wear
• Robinsons Place Magnolia- LG Level, Robinsons Supermarket store
• Robinsons Galleria Ortigas - Level 1, Robinsons Supermarket (near EDSA mall entrance)
• SM City Marikina - 3/F, SM Store Customer Service area
• Robinsons Place Metro East - L/G Floor, Robinsons Supermarket Store
• SM City Taytay - G/F Bldg B, SM Hypermarket
• SM Megamall - 3/F SM Store, Customer Service Area
• SM City San Lazaro - G/F inside Customer Service, Left Side facing Customer Service
• Robinsons Place Manila - G/F, Robinsons Supermarket
• SM Mall of Asia - G/F at The SM Store
• SM Mall of Asia - G/F at SM Hypermarket
• SM City Bicutan - UG/F Curex Counter, Beside ATM
• SM Hypermarket FTI - G/F across Giligan’s and customer’s entrance
• SM Sucat  - 2/F, SM Store Customer Service Area
• SM Southmall - UG/F SM Store Customer Service area near Cashier 15
• Festival Supermall - G/F near Savemore Market
• SM City Bacoor - UG/F SM Store Customer Service

CoDM Dos and Don'ts

To ensure a smooth transaction, follow these guidelines:

• Follow on-screen instructions.
• Avoid using damaged, mutilated, or foreign coins.
• Gently place coins into the slot to prevent jamming.
• Remove any paper or tape from coins before inserting them.
• Ensure no foreign objects are present in the coin slot.
• Verify account details and transaction limits.
• Retain the receipt for shopping vouchers.

Implications for the Future of Money

The deployment of CoDMs suggests that the Philippines is moving towards a more digital currency-based society. This could have significant implications for the country's financial landscape, promoting greater financial inclusion and efficiency.

Are CoDMs a Positive Development?

CoDMs provide Filipinos with a convenient and secure way to convert loose change into digital currency or shopping vouchers. By increasing the circulation of coins and reducing the amount of idle money in households, CoDMs could potentially boost economic activity and promote financial literacy.

Is the Philippines Ready for Digital Currency?

While CoDMs represent a step towards digital currency adoption, the Philippines still has some way to go before it fully embraces this new financial frontier. However, the BSP's initiative is a positive sign that the country is moving in the right direction.