THE CENTRAL BANK’S coin deposit machines (CoDMs) have collected currency valued at P831.77 million as of July 15.
This was 6.1% higher than the P783.63 million worth of coins collected as of June 23, the Bangko Sentral ng Pilipinas (BSP) said in a social media post.
A total of 223.02 million pieces of coins were deposited in the machines, up by 5.4% from 211.69 million a month prior.
The BSP said there were 202,110 transactions made through the machines as of July 15.
The central bank and its retail partners launched the deposit machines in June 2023 to help promote efficient coin recirculation in the country.
The initiative aims to address the artificial coin shortage in the financial system and help ensure that only fit and legal tender currency is available for public use.
All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDMs. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machines.
The value of coins deposited in CoDMs may be credited to an individual’s e-wallet account or converted into shopping vouchers.
Earlier this year, BSP Deputy Governor Bernadette Romulo-Puyat said the central bank wants to roll out another 25 deposit machines this year.
There are currently 25 deposit machines available in the Greater Manila Area. They are found in select retail establishments of the SM Store, Robinsons Supermarket and Festival Mall. — Luisa Maria Jacinta C. Jocson
