MANILA – The Bangko Sentral ng Pilipinas (BSP) was recognized by the International Association of Currency Affairs (IACA) for its rollout of Coin Deposit Machines (CoDMs).
In a statement on Friday, the BSP said it bagged the “Best Recirculation/Distribution Initiative or Innovation” award for the CoDM rollout across Metro Manila.
According to IACA, the BSP project’s aim to encourage Filipinos to empty their coin jars in exchange for e-wallet credits and shopping vouchers exemplifies the bank’s “forward-thinking approach toward a more efficient and sustainable Philippine coin cycle.”
IACA also cited the CoDMs’ positive impact on the lives of Filipinos, who can use their e-wallets as a potential “gateway” to other essential financial services.
Since their launch in 2023, the CoDMs have collected more than P1 billion worth of coins.
Launched on June 20, 2023, the CoDM project allows customers to conveniently deposit their legal tender coins, which are then credited to their GCash or Maya electronic wallet accounts or converted into shopping vouchers. Twenty-five machines were initially installed in shopping malls across the Greater Manila Area.
The coin deposit machines support the BSP’s Coin Recirculation Program to put idle coins back into circulation to serve the currency needs of the country.
The BSP earlier announced plans to expand the project by installing 25 more machines nationwide in 2025.
The award, which was received by BSP Assistant Governor Rosabel Guerrero on behalf of the central bank in Lisbon, Portugal, on Oct. 29, is the second given by IACA to the bank. Earlier this year, IACA conferred the coin deposit program with the “2024 Excellence in Currency Technical Award.” (PNA)