Coin deposit machine collections hit P707M

SunStar Business
SunStar Business

THE value of coins collected by the Bangko Sentral ng Pilipinas (BSP) through its coin deposit machines (CoDMs) reached P707,000,000 as of May 15, 2024, the BSP said.

This translates to over 194 million pieces of coins from over 174,000 transactions as of May 15, 2024.

Launched on June 20, 2023, BSP has deployed 25 CoDMs in partner retail establishments across Metro Manila to encourage the public to deposit their idle coins in the machines and to promote efficient coin recirculation in the country.

This project won the BSP “2024 Excellence in Currency Technical Award” by the International Association of Currency Affairs (IACA).

IACA cited the CoDM project as a “best new cash cycle innovation which improves efficiency, effectiveness, safety, environmental protection, resiliency, and security of the distribution and circulation of cash for improved access, acceptance and authentication.”

BSP deputy director Jann Ryan Jose received the award on behalf of the central bank from IACA chairman Richard Wall and IACA executive director Marci Chavez on May 15 in Texas, USA, during the Currency Research 2024 Banknote Conference.

IACA is a non-profit independent member organization that promotes and encourages excellence in the cash cycle and provides a platform for knowledge sharing and collaboration for its members on matters of strategic importance.

Through the CoDM project, the BSP aims to address the artificial coin shortage in certain areas of the country and to help ensure that only fit and legal tender currency is readily available for public use.

The CoDMs reject fake coins.

The machine accepts all denominations (i.e., 1-, 5-, 10-, and 25-Sentimo; and 1-, 5-, 10-, and 20-Piso) of the BSP Coin Series and the New Generation Currency Coin Series.

The BSP the public to ensure that coins for deposit must not be taped or bundled; must not include foreign objects, such as buttons, magnets, nails, tokens, and screws; and should be placed in the machine’s coin slot by the handful.

In an interview last year, Cebuano retailer Robert Go, also spokesperson of the Philippine Retailers Association-Cebu Chapter, said initiatives such as this are a big help to the economy as they benefit retailers who have been having difficulty dispensing coins as change.

“We have to go to churches to buy the coins at higher amounts to get priority. There is still a lack of coins today,” he said.

The BSP’s “Bawat Barya Mahalaga: CoDM Communication Campaign” also bagged the 2024 Silver Anvil Award for Public Relations Programs from the Public Relations Society of the Philippines, citing the campaign as an effective program to communicate products and services in the technology space to external audiences. / KOC

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