BSP collects P115 million worth of coins

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has collected P115 million worth of coins as part of efforts to bring them back to circulation and address the shortage due to improper storage or disposal.

Less than four months since its launch, the coin deposit machines of the BSP have accepted a total of 42.4 million coins equivalent to P114.9 million.

BSP Deputy Governor Bernadette Romulo-Puyat said that the coin deposit machines have become effective and popular among Filipinos over the past months.

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.

Fit coins collected through the machines are issued to partner retailers who use these for their daily transactions.

BSP data showed that as of April 2023, there were 39.1 billion coins circulating in the Philippines which means that every Filipino has around 358 coins on average.

The BSP said that when coins are not recirculated and left idle, an artificial coin shortage can happen in certain regions.

“This increases the likelihood of businesses shortchanging their customers or the act of giving insufficient or no change to a consumer who purchased a product or service,” BSP said.

The coin deposit machine program is part of 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 economy.

So far, the BSP has deployed 25 coin deposit machines in select SM Malls and Robinsons Malls, as well as in Festival Mall in Alabang.

Data showed that the Philippines has a coin per capita of 400 pieces per Filipino as a total of 39 billion coins are in circulation to cater to 100 million Filipinos.

Just like other central banks around the world, the BSP continues to lose money from the minting of coins rather than the printing of banknotes.

The coin deposit machines accept all denominations including 1, 5, 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.

Further, the BSP reminded 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.