coins – Author Carlo Carrasco

57% of retail payments in the Philippines are digital

July 15, 2025July 8, 2025carlocarrasco

There is no denying that consumers here in the Philippines prefer to use digital methods of paying over cash as more than 57% of retail transactions by volume are digital, according to a business news report by Malay Business Insight. The details were revealed by the Bangko Sentral ng Pilipinas (BSP).

To put things in perspective, posted below is an excerpt from Malaya Business Insight’s news report. Some parts in boldface…

More Filipinos are going cashless and transacting in e-money or digital cash as the most preferred payment for retail accounts, the Bangko Sentral ng Pilipinas (BSP) said in a report on Monday.

Based on the latest BSP status report, digital payments now account for 57.4 percent of retail transactions by volume as of end-2024, up from 52.8 percent in 2023. In terms of value, e-money’s share also increased to 59 percent from 55.3 percent.

The figures surpassed the government’s target range of between 52 and 54 percent as set under the Philippine Development Plan 2023–2028.

BSP Governor Eli M. Remolona Jr. said the steady year-on-year growth “reinforces the momentum built after surpassing the 2023 digitalization target of 50 percent for volume.”

He also said the upward trajectory “reflects the long-term impact of market developments, policy initiatives, and the growing trust and familiarity of Filipinos with digital payment options.”

Remolona said the BSP will continue to harness technology and finance to connect markets and ensure that “every Filipino becomes part of the formal financial system.”

They will do this by empowering banks, non-banks and the fintech sector to leverage innovation in designing financial products that are not only accessible but also more responsive to the needs of consumers.”

Let me end this post by asking you readers: What is your reaction to this recent development? When it comes to retail transactions, do you prefer to pay with cash or with a digital payment method? Do you have any e-wallets (electronic wallets) right now?

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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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

BSP Calls for Anti-Counterfeiting Campaigns in Malls, Supermarkets and Wet Markets

July 1, 2025June 26, 2025carlocarrasco

Counterfeiting of money is a hot issue right now in the Philippines as the Bangko Sentral ng Pilipinas (BSP) called for targeted anti-counterfeiting campaigns in specific places of trade and commerce, according to a business news report by the Manila Bulletin.

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

The Bangko Sentral ng Pilipinas (BSP) is calling for targeted anti-counterfeiting campaigns in shopping malls, supermarkets, and wet markets after these locations emerged as the main sources of fake banknotes and coins recovered last year.

Data from the 2024 BSP annual report published in June showed that counterfeits were “frequently recovered in areas with high foot traffic, such as shopping malls (27.2 percent), supermarkets (25.9 percent), and wet markets (20.9 percent).”

“This highlights the need for targeted anti-counterfeiting campaigns in these areas,” the report said.

According to the central bank report, the ₱1,000 paper banknote was the most counterfeited bill, accounting for 59.9 percent or the majority of documented counterfeits last year. The ₱500 paper banknote was the second-most counterfeited bill at 19.3 percent.

Notably, there were a very low number of cases of counterfeit ₱1,000 polymer banknotes. Recording only three “low-quality” counterfeits in 2024, the BSP noted that the three-year-old ₱1,000 polymer banknote has shown “resilience” against counterfeiting.

“These counterfeit polymer banknotes were printed on paper, with the transparent portions cut out and substituted with substandard plastic, making them easily detectable by the public,” the BSP said.

Fake coins also dropped significantly by 87.8 percent last year, noting that there were fewer than one fake coin for every one million real coins in circulation. Most counterfeit coins were leftovers from previous years, mostly five-peso coins from the BSP coin series.

The BSP attributed this substantial decline in counterfeited banknotes and coins to the “enhanced security features of the New Generation Currency (NGC), including the micro-printed details and laser-engraved designs.”

These added features made it more challenging for fraudsters to copy and reproduce the currencies, the BSP said.

Most counterfeiting involved inkjet printing, accounting for 79.7 percent of the recorded cases. Laser printing was next at 12.6 percent, while tampered security threads accounted for 7.6 percent.

When it comes to location, most fake currencies were found in Metro Manila, at 52.2 percent, followed by the provinces of Cavite, Laguna, Batangas, Rizal, and Quezon (collectively known as CALABARZON), at 12.2 percent.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think counterfeiting in the Philippines will get worse over the next twelve months? Do you think the local supermarket, wet market or shopping mall are hot spots of fake banknotes and coins? Who do you think is responsible for the rise of counterfeit money? Do you think the BSP’s research about counterfeiting is accurate?

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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BSP to temporarily suspend coin deposit machines project starting June 17, 2025

May 20, 2025May 20, 2025carlocarrasco

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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More than P1.37 billion in coins deposited through BSP’s machines

April 2, 2025March 25, 2025carlocarrasco

The Bangko Sentral ng Pilipinas (BSP) revealed online recently that the overall collection of its coin deposit machines (CoDMs) has surpassed P1.37 billion The latest statistics are accurate of as March 17, 2025.

Based on the latest statistics, a total of P1,372,622,853.22 (4.92% higher than the previous count of P1,308,208,203.18)in coins got deposited into BSP machines on 311,858 transactions from customers. In terms of physical quantity, 339,846,868 coins were deposited.

Doing the math on the latest statistics, customers averaged P4,401.4354 per transaction at the machines (compared to the March 15, 2025 average of P4,368.6012 per transaction). As for the grand total Peso amount divided by the number of coins deposited, the average is P4.0389 per coin deposited (previous average was P4.011 per coin deposited)

When it comes to the number of coins involved with each transaction, 339,846,868 coins divided by 311,858 transactions resulted in an average of 1,089.7488 coins per transaction (a slight increase compared to the previous average was 1,089.2659 coins per transaction).

Let me end this piece by asking you readers: What is your reaction to this recent development? Whenever you deposited your coins, do you transfer the value to GCash or Maya, or convert the value into shopping vouchers? How many BSP coin deposit machines are located in your city right now?

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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More than P1.3 billion in coins deposited through BSP’s machines

March 13, 2025March 5, 2025carlocarrasco

The Bangko Sentral ng Pilipinas (BSP) revealed online recently that the overall collection of its coin deposit machines (CoDMs) has surpassed P1.3 billion The latest statistics are accurate of as February 15, 2025.

Based on the latest statistics, a total of P1,308,208,203.18 (5.89% higher than the previous count of P1,235,393,307.96)in coins got deposited into BSP machines on 299,457 transactions from customers. In terms of physical quantity, 326,188,289 coins were deposited.

Doing the math on the latest statistics, customers averaged P4,368.6012 per transaction at the machines (compared to the February 15, 2025 average of P4,335.1088 per transaction). As for the grand total Peso amount divided by the number of coins deposited, the average is P4.011 per coin deposited (previous average was P3.9764 per coin deposited)

When it comes to the number of coins involved with each transaction, 326,188,289 coins divided by 299,457 transactions resulted in an average of 1,089.2659 coins per transaction (a slight drop compared to the previous average was 1,090.2030 coins per transaction).

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BSP should install more coin deposit machines, especially in the Visayas and Mindanao regions? How was your experience the last time you tried to deposit your loose change into the nearest BSP coin deposit machine? Whenever you deposited your coins, do you transfer the value to GCash or Maya, or convert the value into shopping vouchers?

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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Over P1.2 billion in coins deposited through BSP’s machines

February 13, 2025February 4, 2025carlocarrasco

The Bangko Sentral ng Pilipinas (BSP) revealed online recently that the overall collection of its coin deposit machines (CoDMs) has exceeded P1.2 billion. The latest statistics are accurate of as January 15, 2025.

Based on the latest statistics, a total of P1,235,393,307.96 (14.07%% higher than the previous count of P1,082,972,600.36) in coins got deposited into BSP machines on 284,974 transactions from customers. In terms of physical quantity, 310,679,523 coins were deposited.

Doing the math on the latest statistics, customers averaged P4,335.1088 per transaction at the machines (compared to the November 15, 2024 average of P4,231.9156 per transaction). As for the grand total Peso amount divided by the number of coins deposited, the average is P3.9764 per coin deposited (previous average was P3.8654 per coin deposited)

When it comes to the number of coins involved with each transaction, 310,679,523 coins divided by 284,974 transactions resulted in an average of 1,090.2030 coins per transaction (a slight drop compared to the previous average was 1,094.8293 coins per transaction).

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BSP coin deposit project deposits could hit P2 billion by the end of this year? When was the last time you deposited at least 50 coins into the nearest CoDM of the BSP? Do you think it is time for the BSP to add its coin machines in the Visayas and Mindanao regions?

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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BSP coin machines collection approaching P1.1 billion

December 3, 2024November 25, 2024carlocarrasco

The Bangko Sentral ng Pilipinas (BSP) revealed online recently that the collection of its coin deposit machines (CoDMs) is gradually approaching the P1.1 billion mark. The latest statistics are accurate of as November 15, 2024.

Based on the latest statistics, a total of P1,082,972,600.36 (7.34% higher than the previous count of P1,008,889,490.24) in coins got deposited into BSP machines on 255,906 transactions from customers. In terms of physical quantity, 280,173,379 coins were deposited.

Doing the math on the latest statistics, customers averaged P4,231.9156 per transaction at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.8654 per coin deposited.

When it comes to the number of coins involved with each transaction, 280,173,379 coins divided by 255,906 transactions resulted in an average of 1,094.8293 coins per transaction. This result shows that a lot of people out there are making big deposits by the jars and bags at the coin deposit machines. I can only speculate that there are families or local businesses that have decided to collect all their loose change for deposit into BSP’s coin machines even if it means waiting long in the line.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you were able to deposit coins in the BSP coin machine, how long did you have to wait for your turn? Did you notice anyone bringing bags or jars full of coins for deposit at the nearest BSP coin machine in your local community?

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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Over P1 billion deposited through BSP’s coin machines

October 18, 2024October 17, 2024carlocarrasco

A major breakthrough has been realized with regards to recirculating massive amounts of loose change in the Philippines as more than P1 billion in coins have officially been deposited into the coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas, according to a GMA Network news report.

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

Over a year since the launch of coin deposit machines (CoDMs), the monetary value of coins deposited through the Bangko Sentral ng Pilipinas’ (BSP) initiative to promote coin circulation has breached P1 billion.

In a statement on Thursday, the BSP said the total value of coins which coursed through CoDMs has reached P1,008,889,490.24.

The CoDMs, introduced in June 2023, were launched in a bid to encourage the public to make use of their idle coins.

The BSP said that since its launch, the CoDMs have accumulated more than 260,000,000 pieces of coins and facilitated almost 240,000 transactions.

Through CoDMs, people can place legal tender coins in the machines, with the total value credited to e-wallet accounts in GCash or Maya, GoTyme bank accounts, or converted into shopping vouchers.

As of this writing, the BSP’s coin deposit project website has yet to have the latest numbers published. Previously, the official numbers were P950,361,380.76 in overall value, 250,352,704 coins counted and 228,482 transactions registered as of September 15, 2024. You can read my September 26, 2024 post by clicking here.

Let me end this piece by asking you readers: What is your reaction to this recent development? Have you deposited your loose change into a BSP coin deposit machine in your locality during the past sixty 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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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

US Dollar reserves of the Philippines reach all-time high of almost $112 billion

October 15, 2024October 8, 2024carlocarrasco

Based on the preliminary data of the Bangko Sentral ng Pilipinas (BSP), the American Dollar reserves of the Philippines reached $111.981 billion (as of September 2024 specifically) which counts as a new all-time high, according to a Manila Bulletin business news report.

To put things in perspective, posted below is an excerpt from Manila Bulletin report. Some parts in boldface…

The country’s US dollar stock climbed to its highest level of $111.981 billion as of end-September 2024, surpassing the previous record of $108.794 billion in 2021, as the central bank was accumulating foreign exchange and assets to boost external reserves and defend the local currency.

Based on preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Monday, Oct. 7, the gross international reserves (GIR) increased by 14.13 percent or by $13.865 billion year-on-year compared to $98.116 billion same time in 2023.

The GIR also rose by 3.82 percent or by $4.125 billion versus end-August this year’s reserves of $107.857 billion.

The BSP-monitored GIR are foreign assets of the BSP invested in foreign-issued securities, monetary gold, and foreign exchange.

The latest GIR level is “more than adequate external liquidity buffer” that is equivalent to 8.1 months’ worth of imports of goods and payments of services and primary income. It is also about 6.3 times the country’s short-term external debt based on original maturity and 4.4 times based on residual maturity, said the BSP.

Basically, a GIR is adequate if it can finance at least three-months’ worth of the country’s imports of goods and payments of services and primary income. This was based on international standards. The GIR is also viewed as more than sufficient if it provides at least 100 percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period.

The reserves were higher in end-September because of the government’s net foreign currency deposits with the BSP that includes proceeds from the issuance of ROP Global Bonds.

The GIR likewise got a boost from the BSP’s gold holdings which had a higher value with the increase in the prices of gold in the global market. The BSP’s net income also increased due to its investments overseas.

Let me end this post by asking you readers: What is your reaction to this recent development? What is the first thing that comes to your mind when the Philippines’ US Dollar reserves grow? Does this development make you feel comfortable when it comes to banking, investing or running a local business? Are you satisfied with the way the BSP has been moving with regards to financial and economy activities?

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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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

More than P950 million deposited through BSP’s coin machines

September 26, 2024September 24, 2024carlocarrasco

Almost a billion Pesos worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of September 15, 2024, as published on their website.

Based on the latest statistics, a total of P950,361,380.76 (14.26% higher than the previous count of P831,774,151.23) in coins got deposited into BSP machines on 228,482 transactions (13% higher than the previous count of 202,110 transactions) from customers. In terms of physical quantity, 250,352,704 in coins were deposited. The previous count of deposited coins was 223,021,306

Doing the math on the latest statistics, customers averaged P4,159.46 per transaction (versus the previous count of P4,115.45 per transaction) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.7961 per coin deposited (versus the previous average of P3.7296 per coin deposited).

When it comes to the number of coins involved with each transaction, 250,352,704 coins divided by 228,482 transactions resulted in an average of 1,095.72 coins per transaction. This result shows that a lot of people out there are making big deposits by the jars and bags at the coin deposit machines.

Let me end this piece by asking you readers: What is your reaction to this recent development? Does your household or your local business still have plenty of loose change that you could possibly deposit into the nearest BSP coin deposit machine? Are many members of your local community aware that they can deposit their excessive coins into BSP coin deposit machines so that they can money into their respective GCash accounts?

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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