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Coin & Mint News

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The presentation highlights the initiatives being undertaken by the Bangko Sentral ng Pilipinas (BSP) to improve coin recirculation, among others, in response to challenges posed by the inherent geographical configuration of the country. As an archipelagic country with varied currency requirements across the different regions, cities and provinces and the logistical constraints in the transport of coins vis-a-vis banknotes, the BSP needs to carefully determine and facilitate the use of the most appropriate modes of transport to effectively service the requirements of the general public across the country. Among the impactful projects of the BSP that are geared toward improving the efficiency in the circulation of currency, the Cash Service Alliance initiative is noteworthy. This project has instituted a robust process of direct currency exchanges amongst banks. In terms of volume, the impact is largely greater in banknote transactions compared to that of coins. It is expected that CSA transaction for coins will pick up, together with the seemingly increasing demand for coins given the relaxation of protocols amidst the plateauing of CoViD-19 cases in the country, compared to the period during the height of the pandemic. Further, this presentation will include a discussion of the BSP’s coin recirculation program.