Coin machine collections reach P493M

MORE FILIPINOS are using the Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines, data from the regulator showed.

Based on latest central bank data, its coin deposit machines (CoDMs) have collected 141.07 million pieces of coins worth P492.58 million as of Feb. 15.

The machines have recorded 130,583 completed transactions since their deployment in June last year, the BSP said.

The central bank deployed the deposit machines to encourage the public to deposit their idle coins for recirculation.

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

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.

BSP Deputy Governor Bernadette Romulo-Puyat earlier said the central bank is looking to roll out more machines across the country. It has already deployed a total of 25 units in malls across the Greater Manila area.

However, the BSP and its partner provider are assessing how to improve the machines as they have observed that the current units get jammed if coins deposited are taped or bundled, or if foreign objects like nails, tokens, and screws are inserted, she said.

The rollout of the coin deposit 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 a year after the launch.