BSP coin machine collections reach P707.7 million

PHILSTAR FILE PHOTO

THE VALUE of coins collected by the Bangko Sentral ng Pilipinas (BSP) through its coin deposit machines (CoDMs) hit P707.7 million as of May 15, it said on Tuesday.

This was 9.1% higher than the P648.9 million worth of coins collected in April, the BSP said in a social media post.

A total of 193.9 million pieces of coins were deposited in the machines, up by 8% from the 179.6 million recorded a month ago.

There were also 174,656 transactions made through the machines as of May 15, the central bank said.

All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the deposit machines. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the CoDMs.

The value of coins deposited in the machines may be credited to an individual’s e-wallet account or converted into shopping vouchers.

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

The initiative aims to address the artificial coin shortage in the financial system and ensure that only fit and legal tender currency is available for public use.

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.

Central bank officials earlier said they are looking to roll out another 25 coin deposit machines within this year. — Luisa Maria Jacinta C. Jocson