BSP coin machine collections hit P889 million

MANILA, Philippines —  Transactions via the coin deposit machines deployed by the Bangko Sentral ng Pilipinas (BSP) surged to nearly P900 million as more Filipinos use these machines to recirculate idle coins.

Latest data from the central bank showed the machines have gathered 236 million coins worth P888.7 million as of Aug. 15.

The machines have completed 214,475 transactions since the deployment started in June last year, the BSP said.

BSP Deputy Governor Bernadette Romulo-Puyat earlier said the central bank is not planning to deploy more coin deposit machines this year to further test the 25 units rolled out in Metro Manila and nearby provinces.

However, the BSP plans to install 25 additional coin deposit machines early next year in major cities such as Cebu, Davao, Naga, Pampanga and Baguio.

With more coin deposit machines installed in various retail establishments, the BSP expects wider public use that will lead to more efficient coin recirculation in the country.

Coin deposit machines allow customers to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash or Maya electronic wallets (e-wallets).

Customers of SM Stores and Festival Mall may redeem the value of their deposited coins in the form of SM shopping vouchers.