The Bangko Sentral ng Pilipinas (BSP) with the support of the country's leading mobile wallet GCash, has introduced the Coin Deposit Initiative which aims to address coin shortage, reduce coin production and improve money circulation at the same time. To kick-off this groundbreaking initiative, Coin Deposit Machines (CoDM) have been installed in leading malls in Manila with GCash being the first Electronic Money Institution (EMI) provider who successfully integrated with the CoDM machine. According to BSP's data, there is an estimated P27 billion worth of coins lingering in the National Capital Region (NCR) alone. These coins often end up stored away in bank vaults, piggy banks, and drawers or discarded as an inconvenience. The Coin Deposit Initiative offers a convenient solution to the challenge faced by BSP regarding individuals accumulating coins at home. Through this collaborative effort, users now have the opportunity to deposit their coins into machines in conven...
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