BSP’s Coin Deposit Machines Process Over 145 Million Coins

The Bangko Sentral ng Pilipinas (BSP) has announced a significant milestone in its coin recirculation program, revealing that as of February 21, 2024, coin deposit machines (CoDMs) across the country have processed a remarkable 145.5 million coins. Launched in June 2023, this initiative aims to reintegrate idle coins into the economy, enhancing the availability of currency for daily transactions.

These CoDMs, strategically placed in high-traffic shopping centers and malls in various cities, accept all denominations of coins from the BSP Coin Series and the New Generation Currency Coin Series introduced in 2018. This includes coins ranging from one centavo to twenty pesos, catering to a wide array of depositors looking to convert loose change into more usable forms of currency.

Depositors have the convenience of crediting the value of deposited coins to their e-wallets or receiving shopping vouchers, facilitating smoother and more practical transactions. This initiative not only supports the BSP’s goal of a cash-lite economy but also encourages the digitalization of payments in partnership with retail and electronic money platforms.

The deployment of CoDMs across key locations, including major malls and commercial centers, underscores the BSP’s commitment to improving the efficiency of the country’s currency circulation system and promoting financial inclusion through innovative solutions.