BSP coin machine collections hit PHP577 million

The value of coins collected through the Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines (CoDMs) reached P577.42 million as of March 15, central bank data showed.

This was 17.2% higher than the P492.58-million coins seen a month prior.

A total of 162.31 million pieces of coins were deposited in the machines, up by 15% from the 141.07 million coins recorded a month before.

The machines also saw a total of 147,517 transactions, the BSP said.

The central bank began deploying the deposit machines in June last year to promote coin recirculation in the country.

The CoDM project 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 more deposit machines this year.

There are 25 coin deposit machines available in select retail establishments of the SM Store, Robinsons Supermarket and Festival Mall.

The BSP is also looking to partner with lenders to allow consumers to credit their deposited coins into their bank accounts, Ms. Romulo-Puyat added. — Luisa Maria Jacinta C. Jocson