BSP Introduces Coin Deposit Machines

Introducing automated coin deposit machines is the latest initiative from the Bangko Sentral ng Pilipinas (BSP) to promote the re-circulation of coins and persuade Filipinos to use them in their daily transactions.

The BSP is working in partnership with business groups with large networks of retail establishments such as the SM, Robinsons, and Filinvest groups, on the deployment of an initial batch of 25 coin deposit machines in sites across the Greater Manila Area and nearby provinces. The Coin Deposit Machine Project will run for two years and, if successful, will be rolled out across the country.

The machines will enable customers to conveniently deposit coins and redeem their value from partner retail establishments through shopping vouchers or rewards card points. Customers may also opt to directly credit the amount to their participating bank accounts or electronic wallets.