BSP coin exchange a success; collected coins since June 20 worth P47M

In a little over two months since the Bangko Sentral ng Pilipinas deployed coin deposit machines in various retail centers in Metro Manila, the value of coins collected since the program was launched on June 20 through August 24 has already reached P47 million.

BSP deputy governor Bernadette Romulo-Puyat told radio station DWIZ’s program Mag-Usap Tayo on Saturday that those who flocked to various retail establishments across Metro Manila already exchanged a total 20.6 million pieces of various coin denominations. She said only coins minted from 1995 to the present are accepted by the 10 machines that were initially deployed by the central bank in SM, Robinsons and Filinvest shopping malls.

“We’ve seen long queues in front of these coin deposit machines. We are very happy that this program is a success and that the public patronizing it,” said Romulo-Puyat, who added that 15 more CoDMs will be leased by the BSP and deployed to other shopping malls.

Romulo-Puyat is hopeful that with the public response to BSP’s coin exchange program, retails establishments as well as electronic wallet companies will pick up the cudgels to put up more CoDMs. While consumers could exchange the coins for shopping vouchers, she said around 98 percent opt to just have the value credited to their e-wallet accounts.

She said the central bank initiated the program to recirculate the coins, which are otherwise kept by consumers. 

The central bank spend billions every year to produce banknotes and coins. The BSP last year produced a total of 2.3 billion pieces of banknotes and 1.3 billion pieces of coins. The BSP’s Greater Manila Regional Office alone serviced an aggregate of 1.3 million pieces of banknotes worth P505 billion and 1.4 billion pieces of coins wroth P7.4 billion.

To provide precaution and insurance against uncertainties and shocks, the BSP maintains a currency buffer stock, which is equivalent to three months’ worth of banknotes and one month’s worth of coins, based on average withdrawals of banks from the past three years. As of end-2022, the amount of buffer stock reached P198.4 billion, consisting of banknotes at ₱197.0 billion and coins at P1.3 billion. 

In October last year, the winning bidder has fully hauled a total of 437.61 metric tons of defaced coins. The BSP ended 2022 with total outstanding holdings 6.8 million pieces of unfit coins for defacement and retirement.