MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) will temporarily suspend operations of coin deposit machines in select malls in the Greater Manila Area, the monetary authority said on Friday, May 16.
In an advisory, the BSP said it will temporarily suspend operations of coin deposit machines starting Tuesday, June 17. People can use the coin deposit machines until Monday, June 16.
The monetary authority said it is suspending operations of the machines to conduct a thorough review of better ways to re-circulate idle coins and serve Filipinos’ coin exchange needs.
“Following the review, the BSP will launch the coin deposit machines as part of its commitment to enhancing its coin recirculation program,” it wrote.
The BSP launched the coin deposit machines in June 2023 to recirculate loose change back into the economy and promote cashless transactions.
Since then, it has processed around P1.5 billion worth of coins.
While the operations of the coin deposit machines are suspended, the BSP said Filipinos can deposit their fit coins in their bank accounts. Those without bank accounts can also bring these fit, unfit, and mutilated coins to banks and other financial institutions that have served as currency exchange centers under the BSP’s Piso Caravan Program.
Unfit coins may also be exchanged at any bank, as they are tasked with promptly removing unfit currency for circulation.
– Rappler.com