THE BANGKO SENTRAL ng Pilipinas’ (BSP) coin deposit machines have collected P1.082 billion worth of coins as of Nov. 15.
This was 7.3% higher than the P1 billion worth of coins collected a month prior, the BSP said in a social media post.
There were 255,906 transactions made involving 280.2 million coins deposited in the machines, central bank data showed.
The BSP and its retail partners launched the deposit machines in June 2023 to help promote efficient 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. Unfit and demonetized coins, foreign currency and foreign objects get rejected.
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.
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 central bank last month said it will expand the coin deposit machine project by installing 25 more units nationwide in 2025 to boost accessibility. — Luisa Maria Jacinta C. Jocson