The Bangko Sentral ng Pilipinas (BSP) has announced a temporary halt in the operations of its Coin Deposit Machines (CoDMs) located in various malls across the Greater Manila Area, effective 17 June 2025. As of now, the public will be able to utilise these machines up until 16 June 2025.
This operational pause, as stated by the BSP, is to facilitate a thorough review of the system. The primary objectives are to improve the recirculation of idle coins within the economy. They also aim to better cater to the coin exchange requirements of the Filipino public.
Since their launch in June 2023, the CoDMs have proven to be quite effective. Since then, CoDMs have been processing nearly PHP 1.5 billion worth of coins. As of March 2025, PHP 1.37 billion were recorded.
The BSP designed the initiative to encourage individuals to deposit hoarded or unused coins back into the financial system. In return for these deposits, individuals receive digital credits or banknotes.
The central bank has affirmed its intention to relaunch the CoDM programme following the comprehensive review. This step is part of the BSP’s broader, ongoing commitment to enhance its national coin recirculation strategy. Furthermore, it reflects their dedication to maintaining an efficient payments and settlements system.
Earlier, the BSP had indicated plans to expand the project by installing an additional 25 machines in key cities such as Cebu, Davao, and Baguio.
In the meantime, the BSP advises the public that they can still deposit “fit” (usable) coins at banks where they hold an account.
Individuals without bank accounts, or those possessing ‘unfit’ (worn or damaged) or mutilated coins, can also exchange these items. They can do so at banks and other financial institutions that the BSP has designated as Currency Exchange Centres (CECs) under its Piso Caravan programme.
The BSP also reminded financial institutions of their responsibility to accept unfit coins, aiding their removal from general circulation.
Featured image by Bangko Sentral ng Pilipinas (BSP).
