BSP: Over P18.8M worth of coins deposited through coin deposit machines

The Bangko Sentral ng Pilipinas (BSP) on Friday said more than P18.8 million worth of coins have been deposited through its coin deposit machines (CoDMs) since the project’s launch in June.

In a statement, the BSP said the amount represents over 10,000 transactions as of July 31, more than a month since the central bank launched CoDMs on June 20.

In June, the BSP launched three CoDMs, with six more to be deployed further, in a bid to encourage the public to make use of their idle coins.

The machines accept all denominations of the BSP Coin Series and the New Generation Currency Coin Series launched in 2018, ranging from a centavo to as high as P20.

Citing the latest data, the central bank said that the coins deposited into the CoDMs were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.

Through the CoDMs, customers can deposit legal tender coins and have the equivalent amount credited to their GCash accounts. The BSP said it is also working to onboard Maya, providing more e-wallet options to the public.

In using the machines, the BSP reminded customers that coins to be deposited must not be taped or bundled; must not come with other objects like buttons, magnets, nails, tokens, screws, or washers; and are gently placed in the coin slot in handfuls. 

The central bank also advised customers to make sure that their e-wallet accounts are valid, active, and within the prescribed transaction limits.

“The CoDM project is in line with the 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 growing Philippine economy,” it said.

In January 2021, then-BSP Governor Benjamin Diokno—now current Finance Secretary—said the Philippines is expected to be a coinless society by 2025, as small transactions would then be done through quick response (QR) codes.

The BSP has also mandated the adoption of QR Ph, or the country’s QR code standard based on the Europay-Mastercard-VISA (EMV) standard, a global standard for secure payments. QR Ph is expected to be fully adopted by July 1, 2023. —VAL, GMA Integrated News