BSP’s Coin Deposit Programme and 2024 Outstanding Partners

Bangko Sentral ng Pilipinas (BSP) has so far collected almost PHP 888.7 million from the coin deposit machines introduced last year. The number of transactions reached 214,475 as of the middle of August, with 236 million coins having been deposited and exchanged for e-wallet credits or shopping vouchers.

The program, which the BSP said would ‘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 local retail chains, with 25 machines deployed in retail outlets in Metro Manila and nearby cities.

An additional 25 coin deposit machines will be introduced next year. (BSP will be giving a presentation on the topic at the forthcoming Coin Conference this October).

Outstanding partners

Separately, in early August the BSP announced the 30 outstanding institutional partners of its 2024 Outstanding BSP Stakeholders Appreciation Ceremony (OBSAC).