MANILA - The Bangko Sentral ng Pilipinas on Tuesday said its new logo was developed by the central bank’s in-house talents, belying reports that it spent a lot on the new design.
“Thus, no procurement was required,” the BSP said.
Finance website Bilyonaryo reported that the central bank allotted up to P52.5 million for its new logo this year.
Bilyonaryo said it based its story on BSP documents regarding its 2020 budget for public relations and advertising programs for BSP branding.
Last week, the BSP unveiled its new logo as part of "brand refresh".
Abandoning the minimalist image of the Philippine eagle, the new circular logo features a gold-colored full-bodied Philippine eagle with wings spread upward, and stars above it.
The new logo was criticized by some graphics artists on social media who said they preferred the current logo, which is modern and minimalist.
The central bank meanwhile has said that the new logo, which will be used by January next year in phases, reflects the institution's "renewed vitality" and core principles and mandates.