Over P1 billion in idle coins now back in circulation
Idle coins valued at over P1 billion are now back in circulation as more and more Filipinos use the coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP), helping support the currency needs of the growing Philippine economy.
In a statement on Thursday, the BSP said it reached that milestone from more than 240,000 CoDM transactions facilitated since the June 2023 launch of these machines, which have so far accumulated more than 260 million pieces of coins.
The CoDMs, which are located in select shopping malls nationwide, are crucial to the central bank’s currency recirculation program. In 2023, BSP data showed the value of fit banknotes and coins recirculated by banks among themselves reached P338.7 billion, 0.8 percent lower than in 2022.
Through these collecting machines, the BSP wants to flush out idle coins from piggy banks and jars and put them back in circulation to meet the country’s currency needs. The recirculation would also reduce the central bank’s expenses for producing new coins.
Cash-light economy
At the same time, the coin machines also promote a cash-light economy with the adoption of payments digitalization. This is because people can place legal tender coins in the CoDMs and have the total equivalent value deposited to their e-wallet accounts in GCash or Maya.
Users also have the option to have the value of the coins credited to their GoTyme bank accounts or converted into shopping vouchers.
Article continues after this advertisementThe BSP reminded customers that coins to be deposited into the machines must not be taped nor bundled and must not come with other objects like buttons, magnets, nails, tokens, screws or washers. Also, the metal money should be gently placed in the coin slot in handfuls.
Article continues after this advertisementUsers are also advised to make sure that their e-wallet accounts are valid, active and within the prescribed transaction limits.
To build on the project’s success, the BSP said it would install 25 more CoDMs nationwide in 2025.
The BSP has so far installed CoDMs at the following locations: Robinsons Place Metro East, Pasig City; Robinsons Place Novaliches, Quezon City (QC); Robinsons Place Antipolo, Rizal; Robinsons Place Magnolia, QC; Robinsons Place Ermita, Manila; Robinsons Galleria, Ortigas; Festival Mall, Muntinlupa City; SM Megamall, Mandaluyong City; SM City Grand Central, Caloocan; SM City Marilao, Bulacan; SM City Taytay, Rizal; SM Hypermarket FTI, Taguig City; SM Southmall, Las Piñas City; SM City Sucat, Parañaque; SM City Calamba, Laguna; SM City Marikina; SM City San Mateo, Rizal; SM City Valenzuela; SM Mall of Asia, Pasay City; SM City North EDSA, QC; SM City Fairview, QC; SM City San Lazaro, Manila; SM City Bicutan, Parañaque; and SM City Bacoor, Cavite. —Ian Nicolas P. Cigaral
