Piggy Banks are now out of trend as Bangko Sentral ng Pilipinas (BSP), in partnership with retail giants, officiated the public presentation of Coin Deposit Machine (CoDM).
This is another innovative solution in strengthening the pursuit of saving money for Filipinos. The CoDM launching is in time with the celebration of BSP's "Savings Consciousness Week" from June 30 to July 6, 2023.
SP Governor Felipe Medalla said: "The Coin Deposit Machine project is so important to us as it aims to make a difference in the retail segment by helping ensure that the right volume of coins are in circulation for smooth and efficient day-to-day transactions".
Undeniably, coins, especially centavos, are just stock into our coin purse, with this development into the country, monetary system, even a single centavo shall be brought back into the coin circulation.
In a Facebook post of Berna Romulo Puyat, former tourism secretary and now BST Deputy Governor, she discussed how the CoDM works. "The Bangko Sentral ng Pilipinas (BSP) and its partner retailers launched the Coin Deposit Machines (CoDM) to encourage the public to deposit their idle coins in the CoDMs to promote efficient coin recirculation in the country.
"You can exchange coins for shopping vouchers or have the value of these coins credited to your e-wallets".
The initial deployment of the CoDMs will be at SM Mall of Asia, Robinsons Supermarket in Robinsons Manila, and SM Savemore in Alabang, Muntinlupa.