Recently the Bangko Sentral ng Pilipinas (BSP) posted an update on their official page about their coin deposit machine (CoDM) project revealing that almost P400 million worth of coins got deposited by customers as of January 15, 2024.
Based on the latest statistics, a total of P399,081,734.54 in coins got deposited into BSP machines on 110,910 transactions from customers. In terms of physical quantity, 117,120,209 coins were deposited. All these numbers are accurate as of January 15, 2024.
Doing the math on the latest statistics, customers averaged P3,598.25 per transaction (depositing of coins) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.40745 per coin deposited.
In my personal experience, it’s gotten more challenging to deposit my coins into the BSP machine located inside Festival Mall in Filinvest City, Alabang. Locally, a lot more people became aware of the machine which resulted in longer lines as well as families or business managers/owners bringing huge volumes of their coins contained in bottles or bags. There were also times when the BSP machine inside the mall got filled to its limit during the day and it could not function until the BSP’s own collectors gather all the coins.
Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your excess coins into a BSP coin deposit machine in your locality in recent times? Do you think the BSP should put up more coin deposit machines to keep up with consumer demand? How long normally is the line at the BSP coin deposit machine in your locality each time you visit?
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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Author Carlo Carrasco 