THE Bangko Sentral ng Pilipinas said it had received another award from 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 CoDMs rollout across Metro Manila.
BSP Assistant Governor Rosabel Guerrero received the trophy on behalf of the central bank during a ceremony held in Lisbon, Portugal, on Oct. 29.
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.
IACA 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.
Launched on June 20 last year, the CoDM project allows customers to conveniently deposit their legal tender coins to be credited to their GCash or Maya electronic wallet accounts or converted into shopping vouchers.
The initial 25 machines are 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 in circulation to serve the currency needs of the country.
Since they were launched in 2023, the CoDMs have collected more than PHP1 billion worth of coins.
The BSP earlier announced plans to expand the project by installing 25 more machines nationwide in 2025.
Earlier this year, IACA also conferred its “2024 Excellence in Currency Technical Award” on the CoDM project.
