President Ferdinand “Bongbong” R. Marcos Jr. conferred the “Presidential Lingkod Bayan Award” on the Bangko Sentral ng Pilipinas (BSP) for its Cash Service Alliance (CSA) initiative that serves a key role in ensuring adequate money supply in circulation to support economic activities.
In bestowing the award, the President cited the BSP for creating CSA as a future-proof, responsive, and resilient initiative integral to the country’s post-pandemic recovery.
Jointly implemented by the BSP and the Bankers Association of the Philippines, the CSA helps augment the cash requirements of the public as it enables the direct exchange of fit currency between banks using their available cash holdings.
The award is given to individuals or groups from the government service who have made exceptional contributions through an idea or performance that had a nationwide impact on public interest, security, and patrimony. There were 408 nominees nationwide.
Since its launch in 2020, the CSA has provided 741.25 million pieces of currency worth 599.35 billion pesos. Based from 2022 annual data, the CSA provided 37 percent of all currency requirements of banks in Greater Manila.
The CSA core team accepted the award on behalf of the BSP in ceremonies held on 8 March 2023 in Malacañang. The team was comprised of Bank Officer VI Ralph William C. Meris (team leader), Former Assistant Governor Lilia C. Guillermo, Director Reynaldo Florencio T. Zipagan, Director Ruth C. Gonzaga, and Deputy Director Jann Ryan DO. Jose.
The CSA also won the “Currency Initiative Award” from the Central Banking Awards in 2022 and the “Best Currency Initiative Implemented in Response to the COVID-19 Pandemic (Central Banks Category) Award” from the International Association of Currency Affairs in 2021.