The Bangko Sentral ng Pilipinas (BSP) said it will temporarily suspend the operation of Coin Deposit Machines (CoDMs) in select malls starting June 17 to conduct a comprehensive review aimed at enhancing the coin recirculation program.
The 25 CoDMs, located in select malls across the Metro Manila, have processed around P1.37 billion worth of coins since their launch in June 2023.
The BSP said the suspension is a proactive measure to improve the efficiency of coin circulation and better serve the public’s coin exchange needs.
During the suspension, individuals can still deposit fit coins at banks where they hold accounts. Those without bank accounts may exchange fit, unfit, and mutilated coins at designated Currency Exchange Centers (CECs) participating in the BSP Piso Caravan program.
The CoDM initiative has been instrumental in addressing the artificial coin shortage in certain areas and promoting the use of legal tender. By allowing users to convert coins into e-wallet credits or shopping vouchers, the program has also encouraged digital transactions. The BSP plans to relaunch the CoDMs following the review, with the goal of implementing improvements that will further support the country’s currency management system.
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