MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has collected P1 billion worth of coins as part of efforts to bring them back into circulation and address the shortage due to improper storage or disposal.
More than a year after the program’s launch, the coin deposit machines of the BSP have accepted a total of 260 million pieces of coins, equivalent to P1 billion.
These coins came from about 240,000 transactions.
Since June last year, the BSP has installed 25 coin deposit machines in various malls in the Greater Manila Area.
The central bank will expand the project by installing 25 more coin deposit machines next year to other major cities such as Cebu, Davao and Baguio, among others.
“This will make it more convenient for Filipinos to deposit their idle coins, helping recirculate them back into the economy while promoting cashless transactions,” the BSP said.
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.
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 occur in certain regions.
Like other central banks worldwide, the BSP continues to lose money from minting coins rather than printing banknotes.
The coin deposit machines accept all denominations, including one, five, 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.
The central bank advises customers to ensure their e-wallet accounts are valid, active and within the prescribed transaction limits.