The public will soon be able to deposit coins through machines set to be deployed initially in the Greater Manila Area, in a bid to promote efficient recirculation in the country.
The Bangko Sentral ng Pilipinas over the weekend said it will deploy an initial 25 coin deposit machines in Metro Manila and nearby provinces, in partnership with major retailers in the country.
The customers will be able to get the value through shopping vouchers or reward card points, or they may opt to directly credit the amount to participating bank accounts or electronic wallets. The coins collected from the machines will be returned into circulation when the partner retailers use them as change for over-the-counter payments, while unfit coins will be removed from circulation and retired by the BSP.
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