BSP Bags International Award For Coin Deposit Machines Project

The Bangko Sentral ng Pilipinas (BSP) recently received international recognition for its Coin Deposit Machines (CoDMs) initiative, a project designed to encourage the public to return idle coins into circulation in exchange for e-wallet credits.

Last month, the CoDMs reached a milestone of collecting over P1 billion worth of coins. I Photo: Bangko Sentral ng Pilipinas

The BSP launched this project in 2023, installing 25 CoDMs in various shopping malls across Greater Metro Manila.

On October 11, 2024, the CoDMs reached a milestone of collecting over P1 billion worth of coins. Within just over a year, these machines gathered more than 260 million coins through over 240,000 transactions, amounting to P1,008,889,490.24 in total.

The International Association of Currency Affairs (IACA) recognized this project by awarding the BSP the “Best Recirculation/Distribution Initiative or Innovation” award for 2024.

Established in 2004, IACA is an independent, non-profit organization that promotes excellence in the cash cycle and provides a platform for collaboration and knowledge sharing on currency matters.

IACA commended the BSP’s initiative as a "forward-thinking approach" to create a more efficient and sustainable coin cycle in the Philippines.

The organization also highlighted the positive impact of the CoDMs, which not only help Filipinos recirculate their coins but also facilitate access to other financial services through e-wallets.

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Assistant Governor Rosabel Guerrero accepted the award on behalf of the BSP at the IACA’s “2024 Excellence in Currency Awards for Coin” ceremony, recently held in Lisbon, Portugal.

Earlier in 2024, IACA had also honored the CoDM project with the "Excellence in Currency Technical Award."

In response to the success of the CoDMs, the BSP has announced plans to expand the project by adding 25 more machines nationwide in 2025, bringing the total to 50.

Currently, the 25 CoDMs are available at the following SM malls: SM Megamall (Mandaluyong City), SM City Grand Central (Caloocan), SM City Marilao (Bulacan), SM City Taytay (Rizal), SM Hypermarket FTI (Taguig City), SM Southmall (Las Piñas City), SM City Sucat (Parañaque), SM City Calamba, SM City Marikina, SM City San Mateo (Rizal), SM City Valenzuela, SM Mall of Asia (Pasay City), SM City North EDSA (Quezon City), SM City Fairview (Quezon City), SM City San Lazaro (Manila), SM City Bicutan (Parañaque), and SM City Bacoor (Cavite).