The rollout of coin deposit machines (CoDMs) in various parts of Metro will help alleviate the coin shortage in the country and cut the government’s losses in minting coins, according to the Bangko Sentral ng Pilipinas (BSP). Know more:
Governor Felipe Medalla of the Bangko Sentral ng Pilipinas stands in front of the newly launched coin deposit machine at the official launch of a groundbreaking initiative. In partnership with retailers, the BSP introduced the coin deposit machines program on Tuesday, June 20, 2023, to promote efficient coin re-circulation.
“Can you imagine, even just 300 pieces of coins, pagkasinuot mo yan malalaglag ang pantalon mo [if you wear that on your body, your pants will fall off]. Now, why is that a problem? Well, people come home with coins. When they leave home, they leave the coins behind,” Medalla said. This prompts the BSP to mint additional coins which can be very expensive. Medalla said the government only spends P7 to print 1,000 peso bills but can spend P10 to make a 20-peso coin.“We look forward to significantly cutting our cost because the number of prices per capita increased from just 120 to over 350, in less than eight years. So that means the problem is getting worse and worse and worse,” Medalla said.
There is no cost to customers when exchanging their coins for shopping vouchers or e-wallet credits. The BSP is also not paying any rent in using mall space for the CoDMs.
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