The Bangko Sentral ng Pilipinas (BSP) has been recognized internationally for its innovative approach to coin circulation.
The International Association of Currency Affairs (IACA) awarded the BSP the “Best Recirculation/Distribution Initiative or Innovation” award for its rollout of Coin Deposit Machines (CoDMs) in Metro Manila.
BSP assistant governor Rosabel Guerrero accepted the award at a ceremony in Lisbon on October 29th.
The IACA commended the CoDM initiative for its efficiency in promoting coin circulation. By encouraging Filipinos to convert unused coins into e-wallet credits or shopping vouchers, the BSP has demonstrated its commitment to sustainable coin management.
Launched in June 2023, the CoDMs allow users to conveniently deposit coins and receive credits in their GCash or Maya e-wallets or exchange them for shopping vouchers.
Currently, 25 machines are operational across major shopping malls in Metro Manila. Since its inception, the program has successfully collected over P1 billion in coins.
The BSP aims to expand the CoDM network by installing an additional 25 machines nationwide by 2025 as part of its broader Coin Recirculation Program.
