Coin deposit machines’ operations to be halted

The Bangko Sentral ng Pilipinas (BSP) will temporarily halt the operations of its Coin Deposit Machines (CoDMs) starting June 17 as part of an initiative to reassess its strategy for re-circulating idle coins.

In an advisory issued Friday, the BSP announced that the machines, currently located in select malls across the Greater Manila Area, will be suspended to allow a comprehensive evaluation of their effectiveness.

“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.

The central bank added that following the review, it plans to relaunch the CoDMs as part of its broader effort to improve coin circulation nationwide.

Since their rollout in June 2013, the CoDMs have processed close to P1.5 billion worth of coins.

While the machines are offline, the BSP advised the public to deposit fit coins directly into their bank accounts. For individuals without bank accounts, fit, unfit, and even mutilated coins can be exchanged at participating banks and financial institutions under the BSP Piso Caravan program.

The BSP further reminded financial institutions of their obligation to accept unfit coins and remove them from circulation.

“The BSP will continue to pursue efficient coin recirculation through its various programs, consistent with its mandate of maintaining an efficient payments and settlements system in the country,” it said.