THE Bangko Sentral ng Pilipinas (BSP) has so far collected P577.4 million from coin deposit machines that were introduced last year in a bid to boost the circulation of money.

The number of transactions reached 147,517 as of March 15 with 162.3 million coins having been deposited and exchanged for e-wallet credits or shopping vouchers.

Coin deposit machines

The program, which the BSP says will "address the artificial coin shortage in certain areas of the country and help ensure that only fit and legal tender currency is readily available for public use," was launched in June 2023 under partnerships with Filinvest Lifemalls Corp., Robinsons Supermarket Corp. and SM Retail Inc.

Twenty-five machines were rolled out in malls owned by SM, Robinsons and Filinvest in Metro Manila and nearby cities, and last month, BSP Deputy Governor Bernadette Romulo-Puat said they were planning to add another 25 this year.

Coins will be credited to the depositor's GCash or Maya accounts or converted into shopping vouchers. The e-wallet accounts should be valid, active and within prescribed transaction limits, the central bank has said.

All denominations of the BSP Coin Series and New Generation Currency Coin Series are accepted.

The coins should not be taped or bundled; they must not come with other objects like buttons, tokens, or washers; they should be gently placed in the machine's coin slot, the BSP also said.

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