The Bangko Sentral ng Pilipinas will hold the BSP piso caravan on July 8, from noon to 5 p.m., and on July 9, from 10 a.m. to 5 p.m., both at SM City Bacolod event center.
The public is urged to join the event and exchange coins and unfit banknotes with new banknotes from the BSP.
The public can also conveniently open digital wallets, online bank accounts and/or basic deposit accounts with participating financial service providers, the Philippine Information Agency said July 4.
The BSP earlier 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 May this year, over 194 million pieces of coins, worth more than P707,000,000, have been deposited into the machines from over 174,000 transactions. The CoDM project was launched by the BSP on June 20, 2023.
So far, the BSP has deployed 25 CoDMs in partner retail establishments across Metro Manila to encourage the public to deposit their idle coins in the machines and to promote efficient coin recirculation in the country.
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 said in a press release.
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. ||
