BSP Temporarily Suspends Operation of Coin Deposit Machines to Review How to Re-circulate Idle Coins

The Bangko Sentral ng Pilipinas (BSP) will temporarily suspend the operation of coin deposit machines (CoDMs) to review how to re-circulate idle coins.

The Bangko Sentral ng Pilipinas (BSP) will temporarily suspend the operation of coin deposit machines (CoDMs) to review how to re-circulate idle coins.

This was announced by the BSP Friday as part of its commitment to enhancing its coin recirculation program.

The CoDMs, which were launched in June 2013 and currently installed in select malls in Greater Manila area, will be suspended starting June 17.

Following the review, the BSP will relaunch the CoDMs.

“The BSP is implementing the temporary suspension to conduct a thorough review of how to recirculate idle coins and serve Filipinos’ coin exchange needs even better,” it said.

The apex bank said persons with no bank accounts may exchange fit, unfit, and mutilated coins in banks and other financial institutions that have agreed to serve as currency exchange centers under the BSP Piso Caravan program.

It added that persons may deposit fit coins in banks where they have an account.

Unfit coins may be presented for exchange at any bank as part of their duties to promptly remove unfit currency from circulation, the BSP said.

“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.

Since June 2013, CoDMs processed almost PHP1.5 billion worth of coins.