BSP denies report it spent millions on new logo

The Bangko Sentral ng Pilipinas (BSP) on Tuesday denied it spent millions of pesos to develop a new logo.

In a statement, the central bank said that “its new logo was developed by in-house talents who shared their skills in the process.”

“Thus, no procurement was required,” the BSP added. “There is no truth to reports that it spent millions of pesos in relation to its new logo.”

A report by business news website Bilyonaryo said that the BSP allotted P52.5 million for its new logo.

The report cited central bank documents which indicated a 2020 budget for “public relations and advertising programs for BSP branding, circulars, advisories, notices, and corporate ads” at P30 million, and production and replication of ad materials for TV, radio and “cinema ads for BSP branding and other programs” at P15 million.

Another P7.5 million was also allotted for “public relations and advertising programs.”

The documents, however, did not particularly indicate any detail on the procurement, as well as the cost, of a new BSP logo.

The central bank, on Friday, unveiled the new logo which will be adopted by the BSP in phases starting 2021.

In contrast to the stylized eagle profile design of the current logo, the new logo features a full-bodied Philippine eagle rendered in gold, taking inspiration from various wildlife photographs of actual Philippine eagles.

The central bank said the use of the Philippine eagle in the new logo is intended to represent the BSP as well as the Filipino people which it serves.

The major changes in the proposed logo are in the orientation of the eagle, the placement of the stars, and the introduction of the gold color.

The new logo was endorsed by the National Historical Commission of the Philippines before Malacañang gave its approval in November 2020, according to the BSP. — DVM, GMA News