Coin deposit machine collections hit P649M
THE BANGKO SENTRAL ng Pilipinas’ (BSP) coin deposit machines (CoDMs) collected currency valued at P648.9 million as of April 15, it said on Monday.
This was 12.4% higher than the P577.42-million worth of coins collected in the same period a month ago, the BSP said in a social media post.
The central bank said a total of 179.64 million pieces of coins were deposited in the machines, up by 10.7% from 162.31 million a month prior.
There were also 161,725 transactions made through the machines as of April 15.
The BSP and its retail partners launched the deposit machines in June 2023 to help promote efficient coin recirculation in the country.
The initiative aims to address the artificial coin shortage in the financial system and help ensure that only fit and legal tender currency is available for public use.
All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDMs. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machines.
The value of coins deposited in CoDMs may be credited to an individual’s e-wallet account or converted into shopping vouchers.
In February, BSP Deputy Governor Bernadette Romulo-Puyat said the central bank wants to roll out another 25 deposit machines this year.
There are currently 25 deposit machines available in the Greater Manila Area. They can be found in select retail establishments of the SM Store, Robinsons Supermarket and Festival Mall. — Luisa Maria Jacinta C. Jocson
