THE BANGKO SENTRAL ng Pilipinas’ (BSP) deposit machines have collected P1.24 billion worth of coins as of Jan. 15.
This was 14.6% higher than the P1.082 billion worth of coins collected as of November, the BSP said in a social media post. The central bank did not release data for December.
There were 284,974 transactions made involving 310.7 million coins deposited in the machines, central bank data showed.
In June 2023, the BSP and its retail partners launched the deposit machines to 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 BSP has said it plans to install 25 more units nationwide this year to boost accessibility. — Luisa Maria Jacinta C. Jocson