By citing their intention to review how to re-circulate idle coins, the Bangko Sentral ng Pilipinas (BSP) announced that its coin deposit machines project will be temporarily suspended in certain shopping malls starting June 17, 2025, according to a news article by the Philippine News Agency (PNA).
To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…
The Bangko Sentral ng Pilipinas (BSP) will temporarily suspend the operation of coin deposit machines (CoDMs) to review how to re-circulate idle coins.
In an advisory Friday, the BSP said the CoDMs currently installed in select malls in Greater Manila area would be suspended starting June 17.
“The BSP is implementing the temporary suspension to conduct a thorough review of how to re-circulate idle coins and serve Filipinos’ coin exchange needs even better,” the BSP said.
Following the review, the BSP will relaunch the coin deposit machines as part of its commitment to enhancing its coin recirculation program.
Since June 2013, CoDMs processed almost PHP1.5 billion worth of coins. The BSP said the public may deposit fit coins in banks where they have an account.
Persons with no bank accounts may exchange fit, unfit, and mutilated coins in banks and other financial institutions that have agreed to serve as currency exchange centers under the BSP Piso Caravan program.
The BSP said unfit coins may be presented for exchange at any bank as part of their duties to promptly remove unfit currency from circulation.
Let me end this post by asking you readers: What is your reaction to this recent development? Were you able to deposit your loose change at any BSP coin deposit machine over the past six months? Do you hope that the coin deposit machine project suspension will not last more than 30 days?
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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