Collections from BSP’s coin deposit machines reach P297.78 million

THE VALUE of coins collected though the coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) reached P297.78 million as of Dec. 15, the central bank said in a social media post on Tuesday.

This was 39.8% higher than the P212.94 million coins seen a month prior, central bank data showed.

A total of 93.62 million pieces of coins were deposited in the machines, up by 30.7% from the 71.62 million coins recorded a month before, the BSP said.

There were also 89,690 transactions made through the machines as of Dec. 15. 

The BSP and its retail partners launched the CoDMs earlier in June to promote efficient coin recirculation in the country. 

Through the project, the central bank 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 through the project. 

The BSP has deployed 25 coin deposit machines in retail establishments across Metro Manila and other nearby provinces in partnership with Filinvest Lifemalls Corp., Robinsons Supermarket Corp., and SM Retail, Inc.

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

Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machine and returned to the depositor.

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.

The rollout of the machines in select retail establishments of the SM Store, Robinsons Supermarket, and Festival Mall is part of the first phase of the project’s implementation.

The BSP will determine if the project will be expanded to other regions and if the number of machines will be increased after one year. — Keisha B. Ta-asan