BSP collects P649 million from coin deposits

BSP collects P649 million from coin deposits

MANILA, Philippines —  The Bangko Sentral ng Pilipinas (BSP) has collected  more than P600 million worth of coins as part of  efforts to bring these back to circulation and address the shortage due to improper storage or disposal.

As of April 15, the coin deposit machines of the BSP have accepted a total of 179.6 million coins equivalent to P648.9 million.

The central bank has logged 161,725 transactions roughly 10 months since the launch of these coin deposit machines.

BSP Deputy Governor Bernadette Romulo-Puyat earlier said the central bank was looking to double the number of coin deposit machines this year, after completing the rollout of the first 25 coin deposit machines in Metro Manila and nearby provinces.

The BSP previously said it would determine whether the project would be expanded to other regions and if the number of machines would be increased a year after its launch.

The central bank had also said it hoped to partner with both traditional and digital banks to enable the crediting of deposited coins to bank accounts.

The coin deposit machines aim to improve coin circulation in the country and to encourage people to convert the coins into e-wallet credits and shopping vouchers.

Fit coins collected through the machines are issued to partner retailers who use these for their daily transactions.

Billions of coins are circulating in the Philippines, but the BSP earlier noted that when coins are not recirculated and left idle, an artificial coin shortage can happen in certain regions.

The coin deposit machine program is part of BSP’s coin recirculation program, which aims to flush out idle coins from piggy banks and jars and put them back in circulation to support the currency needs of the economy.

It also aims to promote a cash-lite economy with the adoption of payments digitalization.

Just like other central banks around the world, the BSP continues to lose money from the minting of coins rather than the printing of banknotes.

The coin deposit machines accept all denominations including 1, 5, 10 and 25 centavos as well as P1, P5, P10 and P20 coins of the BSP Coin Series and the New Generation Currency Coin Series.

The BSP has been reminding the public that coins to be deposited must not be taped or bundled. The coins must also not come with other objects like buttons, magnets, nails, tokens, screws or washers.