Almost P115 million worth of coins deposited through BSP’s machines

As the public became more aware of the Bangko Sentral ng Pilipinas’ (BSP) coin deposit project, it is unsurprising that the accumulated amount of coins deposited through machines reached almost P115 million, according to a BusinessWorld news report. Take note that the BSP recently installed additional machines which should give people more opportunities to deposit their idle coins.

To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…

THE BANGKO SENTRAL ng Pilipinas (BSP) has collected P114.9 million in coins less than four months after the launch of their coin deposit machines (CoDMs) nationwide.

The central bank collected 42.4 million coins worth P114.9 million via the CoDMs as of Oct. 6 since they were rolled out in June, it said in a statement on Tuesday.

“We would like to thank our participating retailers and coin savers, especially those who have been promoting the usage of CoDMs on social media, for being instrumental in the program’s continued popularity and success,” BSP Deputy Governor Bernadette Romulo-Puyat said.

The coin deposit machines form part of the BSP’s efforts to improve the circulation of coins in the financial system.

“A case was made for a cash recycler program because we had about 36 billion coins in circulation then, but there seemed to be an artificial shortage in some areas in the Philippines,” BSP Deputy Director Jann Ryan D. Jose said.

The central bank said there were 39.1 billion coins in circulation as of April for an average of around 358 coins per person, almost three times the 2005 average of 121 coins per individual.

“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,” the BSP said.

The BSP has finished deploying its target of 25 coin deposit machine units in malls across Metro Manila and other nearby provinces.

The value of coins deposited in CoDMs may be credited to the depositor’s e-wallet account or converted into a shopping voucher for over-the-counter transactions. Customers depositing coins can credit the equivalent amount to their e-wallets.

The awareness of the coin deposit project of the BSP is only growing and this prompted people to collect their coins and deposit them. Very recently at Festival Mall in Alabang, I noticed a growing number of people who lined up at the BSP coin deposit machine at the ground floor carrying plastic jars full of coins. One particular customer ahead of me who carried such high number of coins took a lot of time to deposit them into the machine (supported by a designated technician) as the counting got disrupted a number of times which required the technician to do some fixing. That customer’s coins were worth over P20,000 in value.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are there any BSP coin deposit machines near your local community? If you were able to find the machines, were you able to deposit your idle coins? Are there many people in your local community who are interested to deposit their coins into the machines?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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