BSP Coin Deposit Machines Gain Traction, Collecting Millions

The Bangko Sentral ng Pilipinas (BSP) reported on Monday that their coin deposit machines (CoDMs) have collected currency valued at P648.9 million as of April 15. This amount represents a 12.4% increase compared to the P577.42 million worth of coins collected during the same period last month.

BSP Coin Deposit Machines Surge in Popularity, Collecting Millions in Currency

The Bangko Sentral ng Pilipinas (BSP) announced on Monday that its coin deposit machines (CoDMs) have skyrocketed in popularity, collecting an impressive P648.9 million worth of currency as of April 15. This represents a significant 12.4% increase from the P577.42 million collected during the same period a month prior.

The BSP attributed this surge to the growing public awareness of the machines and their convenience. A total of 179.64 million pieces of coins were deposited, marking a 10.7% rise from the 162.31 million recorded in the previous month. Additionally, as of April 15, 161,725 transactions had been completed through the CoDMs.

The BSP and its retail partners introduced the deposit machines in June 2023 with the primary goal of promoting efficient coin recirculation nationwide. This initiative was designed to address the artificial coin shortage that had plagued the financial system and to ensure that only fit and legal tender currency was available for public use.

All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDMs. The machines are equipped to reject unfit or demonetized coins, as well as foreign currency and foreign objects, ensuring the quality and integrity of the coins in circulation.

The deposited coins can be conveniently credited to an individual's e-wallet account or converted into shopping vouchers. This flexibility has further enhanced the appeal of the CoDMs.

In February, BSP Deputy Governor Bernadette Romulo-Puyat expressed the central bank's commitment to expanding the network of CoDMs. She announced plans to roll out an additional 25 deposit machines this year, bringing the total to 50.

Currently, 25 CoDMs are operational in the Greater Manila Area, strategically placed in select retail establishments of SM Store, Robinsons Supermarket, and Festival Mall. These machines offer easy access and convenience for the public to deposit their coins and contribute to the efficient circulation of currency.

The BSP's initiative to promote coin recirculation through CoDMs has proven to be highly effective. The substantial increase in currency collected and transactions processed is a testament to the machines' practicality and utility. The BSP's commitment to expanding the network and educating the public about the benefits of using CoDMs will further enhance the positive impact on the financial system and the overall economy.