The Bangko Sentral ng Pilipinas (BSP) bagged the “Best Recirculation/ Distribution Initiative or Innovation” award from the International Association of Currency Affairs (IACA) for its rollout of Coin Deposit Machines (CoDMs) across Metro Manila.
BSP Assistant Governor Rosabel B. Guerrero received the trophy on behalf of the central bank during the ceremony for IACA’s “2024 Excellence in Currency Awards for Coin” held in Lisbon, Portugal on 29 October 2024.
According to IACA, the CODM project’s aim to entice Filipinos to empty their coin jars for e-wallet credits and shopping vouchers exemplifies BSP’s “forward-thinking approach toward a more efficient and sustainable Philippine coin cycle.”
The award-giving entity also cited CoDMs’ positive impact on the lives of Filipinos who can use their e-wallets as a potential “gateway” to other essential financial services.
Since they were launched in 2023, the CoDMs have collected more than PHP1 billion worth of coins. Building on this success, the BSP announced plans to expand the project by installing 25 more machines nationwide in 2025, which would bring the total to 50 CoDMs. The initial 25 machines are installed in shopping malls across the Greater Manila Area.
Earlier this year, IACA also conferred its “2024 Excellence in Currency Technical Award” on the CODM project.
The CoDM project tied with the Central Bank of Eswatini’s “Coin Management Efficiencies Project” for the award. IACA has posted the full list of winners[1] in its website.
IACA[2] is a non-profit independent member organization that promotes and encourages excellence in the cash cycle and provides a platform for knowledge-sharing and collaboration for its members on matters of strategic importance.
[1] https://currencyaffairs.org/winners-for-iacas-excellence-in-currency-awards-for-coin-announced/
