The Bangko Sentral ng Pilipinas (BSP) recently won the prestigious “Best Recirculation/Distribution Initiative or Innovation” award from the International Association of Currency Affairs (IACA) for its innovative rollout of Coin Deposit Machines (CoDMs) throughout Metro Manila.
BSP Assistant Governor Rosabel B. Guerrero accepted the award on behalf of the central bank at the IACA’s “2024 Excellence in Currency Awards for Coin” ceremony, held in Lisbon, Portugal, on October 29, 2024.
The IACA recognized the BSP’s CoDM initiative as a model of innovation for currency management. Designed to encourage Filipinos to use their idle coins by offering e-wallet credits and shopping vouchers in return, the CoDM project is aimed at making the Philippine coin cycle more efficient and sustainable.
By incentivizing people to deposit coins they might otherwise overlook, the initiative not only enhances the local currency ecosystem but also makes financial transactions more accessible to the public.
According to the IACA, the CoDM project embodies a “forward-thinking approach” to managing coins in a way that both promotes currency circulation and provides meaningful incentives for users. Beyond its immediate benefits, IACA highlighted the potential of CoDMs to serve as a “gateway” for Filipinos to access other essential financial services, such as digital banking, through their e-wallets.
Since the CoDM program’s launch in 2023, the machines have collected over PHP1 billion worth of coins, reflecting strong public interest and participation.
Earlier this year, the BSP announced that it had already collected more than PHP1 billion through its Coin Deposit Machines (CoDMs) as of October 11, 2024, marking a significant milestone for the initiative just over a year after its launch in June 2023.
BSP announces plans to expand the CoDM project
The BSP has announced plans to expand the project further by installing 25 additional machines nationwide in 2025, which would double the current number and bring the total to 50 CoDMs. Currently, the first 25 machines are located in shopping malls throughout the Greater Manila Area, providing convenient access to a broad range of users.
A photograph from the awards ceremony shows BSP Assistant Governor Rosabel B. Guerrero (center) accepting the award alongside IACA Executive Director Marci Chavez (left) and Astrid Mitchell from Currency News. This recognition marks another achievement for the BSP’s CoDM project, which also received IACA’s “2024 Excellence in Currency Technical Award” earlier this year.
The BSP’s CoDM initiative tied with the Central Bank of Eswatini’s “Coin Management Efficiencies Project” for this accolade, underscoring both central banks’ efforts to promote effective currency circulation. A full list of award winners is available on the IACA website.
As a non-profit, independent organization, IACA plays a vital role in the global currency industry by promoting excellence and facilitating collaboration among its members on significant topics related to the cash cycle.
With initiatives like the highly successful CoDM project, the BSP continues to set a benchmark for sustainable and accessible currency management in the Philippines and beyond. The central bank’s efforts not only ease the handling of coins but also foster financial inclusivity by encouraging more Filipinos to utilize digital financial services.
