‘Coins with smaller denominations, especially the 10, 5, and 1 sentimo coins are often regarded to have no value and are sometimes either thrown away outright or left idle at home and kept in coin jars or other containers.’
The Bangko Sentral ng Pilipinas (BSP) has increased partners for the recirculation of coins and notes and e-money conversion to 141 banks and financial firms.
The BSP said it received a pledge of commitment from Bank of Makati as its latest partner for the Piso Caravan.
Through the Piso Caravan program, the public can surrender unfit or soiled coins or notes at partner financial firms to either obtain new ones or convert them into e-money.
“Coins with smaller denominations, especially the 10, 5, and 1 sentimo coins are often regarded to have no value and are sometimes either thrown away outright or left idle at home and kept in coin jars or other containers,” BSP said.
“Under the Piso Caravan, participating financial institutions encourage the recirculation of idle coins and promote awareness of proper currency handling,” BSP added.
Demand for e-money has been growing as BSP Deputy Governor Mamerto Tangonan reported digital transactions accounted for 52.8 percent of all monthly retail payments in 2023.
He said this surpassed the BSP target of 50 percent for that period. The total transaction value reached P6.1 trillion.
Collections from BSP’s coin deposit machines, which are also designed for e-money conversion and located in malls, have reached over P1 billion.
Tangonan said the BSP, other government agencies, and private firms have been exploring ways to circulate money in the country more easily in spreading economic growth.
“Broader adoption of digital payments can boost economic growth and cut informality,” he said.
“We have to digitalize the other use cases where Filipinos still prefer to use cash. We want to have an alternative to transport payments that will solve transport service providers’ lack of change to passengers,” Tangonan continued.
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