By Eileen Mencias
The Bangko Sentral ng Pilipinas unveiled a new logo and was widely criticized for it for what many described as inappropriate spending of tax money in the midst of the pandemic.
The BSP, however, clarified that the new logo was developed by in-house talents and did not entail spending millions of pesos for such initiative.
Former BSP Deputy Governor Diwa Guinigundo who served the BSP for 41 years, also expressed surprise over the BSP’s move to get a new logo as it would require spending public funds on changing office signages, letterheads, calling cards, IDs and labels.
Apart from this, Guinigundo said the “new logo would also have to appear on bank notes, with all the feathers and wings, claws and scales engraved on our coins”
“The BSP will have to spend real money to implement a refresh,” he said in his column in the Manila Bulletin.
BILYONARYO reported that the BSP earmarked P52.5 million for its public relations and advertising programs for BSP branding.
Guinigundo also explained how the BSP arrived at its new logo in 2010.
The main goal then, he said, was not to have a logo that could be similar to others and how it would look on paper and how it would look on the banknotes and the coins.
“A logo can be iconic if it captures the vision of the institution as well as the essence of what it is supposed to do for our society,” Guinigundo said.