10 hours ago
5
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
Keisha Ta-Asan - The Philippine Star
May 17, 2025 | 12:00am
In an advisory issued yesterday, the central bank said the CoDMs would remain operational until June 16.
Businessworld / File
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is temporarily halting the operations of coin deposit machines next month, as part of a comprehensive review aimed at improving the country’s coin recirculation system.
In an advisory issued yesterday, the central bank said the CoDMs would remain operational until June 16.
Starting June 17, the machines will be suspended while the BSP undertakes a thorough assessment of their performance and effectiveness in meeting public coin exchange needs.
“The BSP is implementing the suspension to conduct a thorough review of how to re-circulate idle coins and serve Filipinos’ coin exchange needs even better,” the advisory stated.
Launched in June 2023, the coin deposit machines have processed P1.37 billion worth of coins as of March. The machines are currently deployed in select malls across the Greater Manila Area.
The initiative was designed to encourage the public to deposit idle coins into the financial system in exchange for digital credits or paper bills, reducing coin hoarding and promoting efficient circulation.
The BSP earlier said that it would expand the project by installing additional 25 coin deposit machines this year to other major cities such as Cebu, Davao and Baguio.
Following the review, the central bank plans to relaunch the machines as part of its continuing effort to enhance its coin recirculation strategy.
In the meantime, the BSP urged the public to deposit fit coins in their respective bank accounts.
For those without bank accounts, coins, whether fit, unfit or even mutilated, may still be exchanged through banks and financial institutions participating as currency exchange centers under the BSP’s Piso Caravan program.
The BSP also reminded all banks of their duty to accept unfit coins as part of their role in removing worn or damaged currency from circulation.
“The BSP will continue to pursue efficient coin recirculation through its various programs, consistent with its mandate of maintaining an efficient payments and settlements system in the country,” it said.
