BSP.GOV.PH

THE BANGKO SENTRAL ng Pilipinas’ (BSP) coin deposit machines have collected P1.31 billion worth of currency as of Feb. 15.

This was 5.6% higher than the P1.24 billion worth of coins collected as of Jan. 15, the central bank said in a social media post.

There were 299,457 transactions made via the machines involving 326.2 million coins.

In June 2023, the BSP and its retail partners launched the deposit machines to promote coin recirculation.

The project aims to address artificial coin shortage in the financial system and help ensure that the public uses only fit and legal tender.

All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the machines.

However, unfit, mutilated and demonetized coins, foreign currency and foreign objects such as tokens, buttons and coins taped together get rejected by the machines.

The value of coins deposited in the machines may be credited to a person’s e-wallet or bank account or converted into shopping vouchers.

Users do not need to provide any identification documents to use the coin deposit machines.

There are currently 25 deposit machines available in the Greater Manila Area. They can be found in select retail establishments of the SM Store, Robinsons Supermarket and Festival Mall.

The BSP has said it plans to install 25 more coin deposit machine units nationwide this year to boost accessibility. — Luisa Maria Jacinta C. Jocson