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BSP coin recirculation project wins IACA award

Business | Banking & Finance

BSP coin recirculation project wins IACA award

By Lee C. Chipongian

The Bangko Sentral ng Pilipinas (BSP) received its second award from the International Association of Currency Affairs (IACA) for its coin deposit machines (CoDMs) project first launched in 2023 with over P1 billion worth of coins collected so far.

In a statement, the BSP said it has bagged the “Best Recirculation/ Distribution Initiative or Innovation” award during IACA’s 2024 Excellence in Currency Awards for Coin in Lisbon, Portugal last Oct. 29, 2024. BSP Assistant Governor Rosabel B. Guerrero received the trophy on behalf of the BSP.

IACA has acknowledged the CoDM project as BSP’s “forward-thinking approach toward a more efficient and sustainable Philippine coin cycle” and to “entice Filipinos to empty their coin jars for e-wallet credits and shopping vouchers”.

They also recognized the project’s positive impact on the lives of Filipinos “who can use their e-wallets as a potential ‘gateway’ to other essential financial services.”

Photo 2_BSP wins IACA coin recirculation award.jpg — BSP Assistant Governor Rosabel B. Guerrero (center) receives the award from the International Association of Currency Affairs. With her is IACA Executive Director Marci Chavez (left) and Astrid Mitchell from Currency News.

With over P1 billion worth of coins collected, the BSP is expanding the current 25 CoDMs installed in Metro Manila shopping malls to 50 by 2025.

Last May, IACA also awarded the BSP the “2024 Excellence in Currency Technical Award” for its CoDM project.

Meanwhile for the latest award, the CoDM project tied with the Central Bank of Eswatini’s “Coin Management Efficiencies Project”, said the BSP.

IACA is a non-profit independent member organization that promotes and encourages excellence in the cash cycle and provides a platform for knowledge-sharing and collaboration for its members on matters of strategic importance.

Since its launch in 2023, the CoDMs have accumulated more than 260,000,000 pieces of coins and facilitated more than 240,000 transactions, said the BSP.

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