The Bangko Sentral ng Pilipinas has allotted P50 million for its public relations and branding this year, an official document revealed.
Finance magazine Bilyonaryo reported that based on the central’s bank 2020 budget, a hefty P52.5 million was allocated for its branding, advertising and other promotional campaigns and materials.
It’s not specifically stated, however, whether the new logo, which gathered some controversy over the weekend, is part of this budget.
A screenshot the write-up provided indicated that the P52.5 million covers:
- P30 million for “public relations and advertising requirements”
This include the “public relations and advertising programs for BSP branding, circulars, advisories, notices, and corporate ads.”
- P15 million for “advertising and promotion requirements”
This include “production and replication of ad materials for TV, radio and cinema ads for BSP branding and other programs (tri-media, collaterals and others).”
- 5 million for “public relations and advertising requirements”
This include “public relations and advertising programs (social media buyers.”
Bilyonaryo said that it asked BSP corporate affairs manager Elisha Elirio about the specific cost for the logo and the agency that acquired the contract for its production.
However, Elirio has yet to comment on these inquiries.
It was detailed that the notice for the project’s biddings was supposed to have been conducted in the first and second quarter of the year. The award and contract signing were then scheduled in the second and third quarters of the year.
Despite not mentioning the budget for the new logo, the report’s headline “BSP budgets P52.5 million for new logo” caught social media attention and was mentioned in further criticisms against the central bank.
“You’d think of all projects to be shelved due to COVID this should be it. Partida, kasingmahal ng dakilang Kaldero!” one Twitter user wrote.
Journalist Jhoanna Ballaran noted that the article’s headline was misleading.
“The headline is a bit misleading though. According to the story, the budget is as follows: P30 million for ‘BSP branding, circulars, advisories, notices, and corporate ads’ P15 million for ‘cinema ads for BSP branding and other programs,'” Ballaran said.
Artist Eman Robale Paelmo continued to question the budget for the BSP’s promotions.
“Can I ask a queation: What’s to promote? That much money for Promotion and Social Media?” Paelmo asked.
The controversial logo change
Following reports of the new logo last Friday, November 20, some Filipinos criticized it.
READ: A step back? Bangko Sentral ng Pilipinas’ new logo does not look modern to some
The new logo features the same elements of the current logo—the iconic Philippine eagle, three stars and the seal’s circular shape. However, the eagle in the new version is more detailed and rendered in gold.
However, others found it “less modern” than the current 10-year-old logo. Others observed it has similarities with other logos.
Graphic designer Gary Bautista of RGB Designs said mentioned the possibility of “how sometimes the designer cannot be faulted since its the client who gets the final say in a design.
“First off, I would like to acknowledge that we are not aware of what directions were provided for the official redesign so we are approaching this as if we are in total control of the redesign project brief,” Bautista said in a post where he made a suggestion for BSP’s logo.
“The BSP logo redesign I did opened a discussion about how sometimes the designer cannot be faulted since its the client who gets the final say. Yet, if I was the designer of what I think to be a misguided design, I can’t help but feel responsible for its ineffectiveness,” he also said in a separate post.
The graphic designer said that he’s not just speaking in terms of aesthetics or style “but also including functionality, relevance, and distinctiveness.” He said these qualities make up an effective logo design.