BSP coin deposit machines yield P950M as of Sept. 15

THE PHILIPPINE central bank’s coin deposit machines have collected P950.36 million worth of coins as of Sept. 15 this year, it said in a social media post on Wednesday.

This was a 6.9% increase from the P888.7 million collected a month ago. There were 228,482 transactions covering 250 million coins deposited in the machines, BSP data showed.

The BSP and its retail partners launched the deposit machines in June 2023 to help promote efficient coin recirculation.

It 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 account or converted into shopping vouchers.

In February, BSP Deputy Governor Bernadette Romulo-Puyat said the central bank wanted to roll out another 25 deposit machines this year.

There are 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. — Luisa Maria Jacinta C. Jocson