Criticisms vs BSP’s new logo continue as report bares central bank’s over P50 million budget for branding, ads

Bangko Sentral ng Pilipinas headquarters in Manila. The central bank’s first quarter Consumer Expectations Survey (CES) for 2018 showed an index of 1.7 percent, down from the previous quarter’s 9.5 percent and year-ago’s 8.7 percent. (Reuters file photo)

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.”

Screenshot of BSP document from Bilyonaryo report

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.


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