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the Central Bank of the Philippines it has allocated P50 million for its public relations and its brand this year, an official document revealed.
Finance magazine Multimillionaire reported that, according to the central bank’s budget for 2020, a considerable amount of 52.5 million pesos was allocated for its brand, advertising, and other promotional campaigns and materials.
However, it is not specifically stated whether the new logo, which generated some controversy over the weekend, is part of this budget.
A screenshot provided by the article indicated that the P52.5 million covers:
- P30 million for “advertising and public relations requirements”
This includes “advertising and public relations programs for the BSP brand, circulars, notices, notices and corporate announcements.”
- P15 million for “advertising and promotion requirements”
This includes “production and reproduction of advertising materials for television, radio and film advertisements for the BSP brand and other programs (tri-media, collaterals and others)”.
- 5 million for “advertising and public relations requirements”
This includes “advertising and public relations programs (social media buyers”).
Bilyonaryo said he asked BSP’s manager of corporate affairs Elisha Elirio on the specific cost of 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 tender announcement for the project was supposed to have been made in the first and second quarters of the year. The award and contract signing were scheduled for the second and third quarters of the year.
Despite not mentioning the budget for the new logo, the headline of the report “BSP budgets P52.5 million for the new logo” caught the attention of social media and was mentioned in further criticism against the central bank.
Cayetano: P50 million for a boat
Bangko Sentral: https://t.co/kH9uEu8Z49
– Tonyo Cruz (@tonyocruz) November 22, 2020
“You’d think of all the projects that would be shelved due to COVID, that’s the way it should be. Partida, as dear as the great Pots! “a Twitter user wrote.
Journalist Jhoanna Ballaran pointed out that the headline of the article was misleading.
However, the headline is a bit misleading. According to the story, the budget is as follows: P30 million for ‘BSP brand, circulars, notices, notices and corporate announcements’ P15 million for ‘BSP brand cinema ads and other programs’ ”, Ballaran said.
Artist Eman Robale Paelmo continued to question the budget for BSP promotions.
“May I ask a question: What to promote? So much money for promotion and social networks? “Paelmo asked.
May I ask a question: What to promote? So much money for promotion and social networks?
BSP budgets P52.5M for new logo https://t.co/Z2zxcQvoe0 pic.twitter.com/TAMcvE4AvD– Eman Robale Paelmo (@scrEaMing_mANgo) November 22, 2020
The controversial logo change
Following reports of the new logo on Friday, November 20, some Filipinos criticized it.
READ: One step back? The new logo of the Central Bank of the Philippines does not seem modern to some
The new logo features the same elements as the current logo: the iconic Philippine eagle, three stars, and the stamp’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 noted that it has similarities to other logos.
United Arab Republic https://t.co/jRa2hSIe7O pic.twitter.com/id83VnQH0P
– Manuel L. Quezón III (@ mlq3) November 20, 2020
Indonesia, even. pic.twitter.com/IKNekpEogN
– Manuel L. Quezón III (@ mlq3) November 20, 2020
Let’s have a beer. https://t.co/SswEGA490A pic.twitter.com/0Wns2fkJOn
– Manuel L. Quezón III (@ mlq3) November 20, 2020
Graphic designer Gary Bautista of RGB Designs He said he mentioned the possibility of “how sometimes the designer cannot be blamed since it is the client who has the last word in a design.
“First of all, I would like to acknowledge that we are not aware of the directions that were provided for the official redesign, so we approach this as if we were in full control of the redesign project summary,” Bautista said in a post. where he made a suggestion for the BSP logo.
“The redesign of the BSP logo opened a discussion about how sometimes the designer cannot be blamed, as it is the customer who has the last word. However, if I were the designer of what I think is the wrong design, I cannot help but feel responsible for its ineffectiveness, ”he also said in a separate post.
The graphic designer said that he not only speaks in terms of aesthetics or style “but also includes functionality, relevance and distinction.” He said these qualities make up an effective logo design.
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