The Bangko Sentral ng Pilipinas (BSP) has won the “Best Recirculation/Distribution Initiative or Innovation” award at the 2024 Excellence in Currency Awards for Coin, hosted by the International Association of Currency Affairs (IACA) in Lisbon, Portugal. The award recognizes the BSP’s successful rollout of Coin Deposit Machines (CoDMs) across Metro Manila, a key initiative aimed at improving the efficiency and sustainability of the Philippine coin cycle.
BSP Assistant Governor Rosabel B. Guerrero received the prestigious award on behalf of the central bank at a ceremony held on 29 October 2024. According to IACA, the CoDM project exemplifies the BSP’s “forward-thinking approach” by encouraging Filipinos to exchange loose coins for e-wallet credits or shopping vouchers. This initiative has not only contributed to reducing coin hoarding but also provided a gateway to essential financial services for many Filipinos.
Since their launch in 2023, the CoDMs have collected over P1 billion worth of coins, with the initial 25 machines installed in shopping malls throughout the Greater Manila Area. Building on this success, the BSP plans to expand the initiative by adding 25 more machines nationwide in 2025, bringing the total number to 50.
Earlier this year, the CoDM project also received IACA’s “2024 Excellence in Currency Technical Award,” tying with the Central Bank of Eswatini’s “Coin Management Efficiencies Project.” IACA, a non-profit organization dedicated to promoting excellence in currency management, continues to support global collaboration and knowledge-sharing in the cash cycle industry.
