Coin machine collections hit P1.37B

THE CENTRAL BANK’S coin deposit machines have collected P1.37 billion worth of coins as of March 17.

This was a 4.6% increase from the P1.31 billion worth of coins collected as of Feb. 15, the Bangko Sentral ng Pilipinas (BSP) said in a social media post.

Data from the central bank showed there were 311,858 transactions made involving 339.8 million coins deposited in the machines.

The BSP and its retail partners launched the deposit machines in June 2023 to promote coin recirculation.

The project aims to address artificial coin shortage in the financial system and help ensure that the public uses only fit and legal tender.

All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the machines.

However, unfit, mutilated and demonetized coins, foreign currency, foreign objects such as tokens and buttons, and coins taped together will get rejected by the coin deposit machines.

The value of coins deposited in the machines may be credited to a person’s e-wallet or bank account or converted into shopping vouchers.

Users do not need to provide any identification documents to use the coin deposit machines.

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.

The BSP has said it plans to install 25 more coin deposit machine units nationwide this year. — Luisa Maria Jacinta C. Jocson