BSP Coin Deposit Machines Gain Momentum, Nearing $10 Million Mark

The Bangko Sentral ng Pilipinas (BSP) coin deposit machines have accumulated over P577 million in coin deposits, totaling 162 million coins as of March 15. Since their deployment in June 2022, these machines have facilitated 147,517 transactions. The BSP aims to double the number of machines this year, expanding to more regions and partnering with banks to credit deposited coins to accounts.

BSP Coin Deposit Machines Gain Traction, Nearing P600 Million Mark

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has witnessed a surge in the use of its coin deposit machines, with the total value of transactions approaching the P600 million milestone. This surge underscores the growing popularity of these machines among Filipinos seeking to deposit their idle coins.

As of March 15, the BSP's data reveals that the coin deposit machines have collected over 162 million coins, amounting to P577.4 million. Since their introduction in June 2022, these machines have facilitated 147,517 transactions.

The BSP's Deputy Governor, Bernadette Romulo-Puyat, previously stated that the central bank intended to double the number of coin deposit machines in 2023, following the successful deployment of 25 machines in Metro Manila and neighboring provinces.

Initially, the BSP planned to evaluate the project's expansion to other regions and the possible increase in the number of machines one year after its launch. Additionally, the central bank expressed hope to collaborate with traditional and digital banks to allow for the direct deposit of coins into bank accounts.

Coin deposit machines offer a convenient means for customers to deposit legal tender coins and directly credit the equivalent amount to their GCash or Maya electronic wallets (e-wallets). Customers of SM Stores and Festival Mall also have the option to redeem the value of their deposited coins as shopping vouchers.

With the installation of additional coin deposit machines in various retail establishments, the BSP anticipates broader public adoption, leading to more efficient coin recirculation within the country.

Initially, the BSP and its partner retailers deployed coin deposit machines at key locations, including Festival Mall in Muntinlupa City, SM Mall of Asia in Pasay City, and SM City North EDSA in Quezon City. These machines are also accessible at SM Megamall in Mandaluyong City, SM City Marilao in Bulacan, and SM City Calamba.

The Philippines boasts a high coin-to-population ratio, with an estimated 400 coins per Filipino. The country's total coin circulation amounts to 39 billion coins, catering to a population of 100 million.

Similar to central banks globally, the BSP incurs losses from minting coins compared to printing banknotes. The widespread adoption of coin deposit machines and the subsequent recirculation of coins into the economy can help mitigate these losses and optimize the utilization of financial resources.