BSP collects P510 M via coin deposit machines
The Bangko Sentral ng Pilipinas (BSP) has collected over half a billion pesos worth of coins as part of efforts to bring them back to circulation and address the shortage due to improper storage or disposal.
Roughly eight months since its launch, the coin deposit machines of the BSP have accepted a total of 145.5 million coins equivalent to P510 million.
These coins came from about 134,000 transactions.
Since June last year, the BSP has deployed 25 coin deposit machines in various malls in the Greater Manila Area.
The coin deposit machines aim to improve coin circulation in the country and to encourage people to convert the coins into e-wallet credits and shopping vouchers.
Fit coins collected through the machines are issued to partner retailers who use these for their daily transactions.
Billions of coins are circulating in the Philippines, but the BSP earlier noted that when coins are not recirculated and left idle, an artificial coin shortage can happen in certain regions.
The coin deposit machine program is part of BSP’s coin recirculation program, which aims to flush out idle coins from piggy banks and jars and put them back in circulation to support the currency needs of the economy.
It also aims to promote a cash-lite economy with the adoption of payments digitalization.
Data showed that the Philippines has a coin per capita of 400 pieces per Filipino as a total of 39 billion coins are in circulation to cater to 100 million Filipinos.
Just like other central banks around the world, the BSP continues to lose money from the minting of coins rather than the printing of banknotes.
The coin deposit machines accept all denominations including 1, 5, 10 and 25 centavos as well as P1, P5, P10 and P20 coins of the BSP Coin Series and the New Generation Currency Coin Series.
The BSP has been reminding the public that coins to be deposited must not be taped or bundled. The coins must also not come with other objects like buttons, magnets, nails, tokens, screws, or washers.