By Rjay Zuriaga Castor
The Bangko Sentral ng Pilipinas (BSP) in Iloilo is urging small stores and businesses, especially those with coin-operated machines, to actively recirculate coins to address what it describes as an “artificial” coin shortage.
The BSP emphasized that there is no actual shortage of coins, as the supply is sufficient. However, many individuals and businesses keep coins in drawers, containers, or machines for extended periods, causing a perceived inadequacy in circulation.
“There is no shortage of coins—maybe that is just artificial—because we are releasing coins in various denominations to banks based on their requests. Perhaps the issue lies in the recirculation of such,” said Doreen Santerva, Acting Area Director of BSP Iloilo, in an interview with Daily Guardian on January 13.
Santerva assured that the BSP has minted more than enough coins to meet public demand.
During a briefing on the First Philippine Polymer Banknote Series, malls, retailers, and supermarkets expressed concerns about a lack of 1-piso and sentimo coins, particularly during peak hours or seasons.
The shortage disrupts business operations, especially in providing exact change, which is mandated by the No Shortchanging Act of 2016. The law prohibits businesses from substituting monetary change with non-monetary items like candies.
To address the issue, some malls and supermarkets have partnered with gasoline stations and computer shops to redistribute collected coins for use as change.
The BSP has set legal tender limits for Philippine coins. For 1-, 5-, 10-, and 20-piso coins, the limit is PHP 2,000 per transaction, while for 1-, 5-, 10-, and 25-sentimo coins, the limit is PHP 200 per transaction.
“We are encouraging stores to recirculate coins. We call on establishments with vending machines to regularly check and exchange or deposit collected coins in banks to promote recirculation,” Santerva emphasized.
The BSP also encouraged the public to use coins when making purchases.
As part of its Coin Recirculation Program, the BSP has deployed Coin Deposit Machines (CoDMs) in high-foot-traffic areas such as malls and retail stores in the Greater Manila Area.
CoDMs allow users to deposit coins, which are converted into e-wallet credits or shopping vouchers. The collected coins are verified and redistributed to partner retailers.
Major retailers such as SM Store, Robinsons Supermarket, and Festival Mall have partnered with the BSP to make CoDMs accessible to the public.
As of December 31, 2024, CoDMs have facilitated over 277,000 transactions, equivalent to more than 300 million coins worth over PHP 1 billion.
