The Bangko Sentral ng Pilipinas (BSP) has collected PHP 114.9 million in coins less than four months after the launch of their coin deposit machines (CoDMs) nationwide.
The central bank collected 42.4 million coins worth PHP 114.9 million via the CoDMs as of Oct. 6 since they were rolled out in June, it said in a statement on Tuesday.
“We would like to thank our participating retailers and coin savers, especially those who have been promoting the usage of CoDMs on social media, for being instrumental in the program’s continued popularity and success,” BSP Deputy Governor Bernadette Romulo-Puyat said.
The coin deposit machines form part of the BSP’s efforts to improve the circulation of coins in the financial system.
“A case was made for a cash recycler program because we had about 36 billion coins in circulation then, but there seemed to be an artificial shortage in some areas in the Philippines,” BSP Deputy Director Jann Ryan D. Jose said.
The central bank said there were 39.1 billion coins in circulation as of April for an average of around 358 coins per person, almost three times the 2005 average of 121 coins per individual.
“When coins are not recirculated and left idle, an artificial coin shortage can happen in certain regions. This increases the likelihood of businesses shortchanging their customers,” the BSP said.
The BSP has finished deploying its target of 25 coin deposit machine units in malls across Metro Manila and other nearby provinces.
The value of coins deposited in CoDMs may be credited to the depositor’s e-wallet account or converted into a shopping voucher for over-the-counter transactions. Customers depositing coins can credit the equivalent amount to their e-wallets.
All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDM. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machine and returned to the depositor. — M.J.B. Poliarco