THE Bangko Sentral ng Pilipinas (BSP) will temporarily suspend the operation of coin deposit machines (CoDMs) to review how to re-circulate idle coins.
In an advisory, the BSP said the CoDMs currently installed in select malls in Greater Manila area would be suspended starting June 17.
“The BSP is implementing the temporary suspension to conduct a thorough review of how to re-circulate idle coins and serve Filipinos’ coin exchange needs even better,” the BSP said.
Following the review, the BSP will relaunch the coin deposit machines as part of its commitment to enhancing its coin recirculation program.
Since June 2013, CoDMs processed almost P1.5 billion worth of coins.
The BSP said 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,” it said. (PNA)
