BSP halts coin deposit machines ops temporarily

Citizens who are patrons of coin deposit machines scattered in various malls in Metro Manila are advised that their services will be temporarily halted starting Sunday, 17 June.

“The Bangko Sentral ng Pilipinas (BSP) advises the public that it will temporarily suspend the operation of Coin Deposit Machines (CoDMs), installed in select malls in the Greater Manila Area, starting 17 June 2025. Persons who want to exchange their coins may still use the CoDMs until 16 June 2025," the BSP said in a statement on Friday.

According to the BSP, the temporary suspension of the CoDMs is for them to conduct a thorough review of how to re-circulate idle coins and serve Filipinos’ coin exchange needs even better.

Following the review, the BSP said it will relaunch the Coin Deposit Machines as part of its commitment to enhancing its coin recirculation program.

The BSP said CoDMs processed almost P1.5 billion worth of coins since they were introduced in June 2023.

“Meanwhile, the public may deposit fit coins in banks where they have an account. 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,” the BSP said.

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

“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,” the statement noted.