The Bangko Sentral ng Pilipinas (BSP) received the “2024 Excellence in Currency Technical Award” for its Coin Deposit Machine (CoDM) Project from the International Association of Currency Affairs (IACA).
IACA cited the CoDM project as a “best new cash cycle innovation which improves efficiency, effectiveness, safety, environmental protection, resiliency, and security of the distribution and circulation of cash for improved access, acceptance, and authentication.”
As of 15 May 2024, over 194 million pieces of coins worth more than PHP707,000,000 have been deposited into the machines from over 174,000 transactions. The CoDM project was launched by the BSP on 20 June 2023.
So far, the BSP has deployed 25 CoDMs in partner retail establishments across the Greater Manila Area to encourage the public to deposit their idle coins in the machines and to promote efficient coin recirculation in the country.
BSP Deputy Director Jann Ryan D. Jose (in photo, middle) received the award on behalf of the central bank from IACA Chairman Richard Wall (right) and IACA Executive Director Marci Chavez (left) on 15 May 2024 in Texas, USA during the Currency Research 2024 Banknote Conference.
Through this project, the BSP aims to address the artificial coin shortage in certain areas of the country and to help ensure that only fit and legal tender currency are readily available for public use.
The CoDMs reject fake coins.
The BSP’s “Bawat Barya Mahalaga: CoDM Communication Campaign” also bagged the 2024 Silver Anvil Award for Public Relations Programs from the Public Relations Society of the Philippines, citing the campaign as an effective program to communicate products and services in the technology space to external audiences.
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.
