Tag: loose change

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

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

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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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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

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

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

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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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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

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

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

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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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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

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

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

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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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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 coin machines collection approaching P1.1 billion

BSP coin machines collection approaching P1.1 billion

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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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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

Over P1 billion deposited through BSP’s coin machines

Over P1 billion deposited through BSP’s coin machines

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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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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

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