BSP adopts new seal
June 28, 2010 10:21 pm
By Joann S. Villanueva
MANILA, June 28 –The Bangko Sentral ng Pilipinas (BSP) has adopted a new logo in compliance with the New Flag Act of 1998.
The new logo is the fourth seal for the central bank since its inception 61 years ago in 1949.
BSP Governor Amando Tetangco Jr. said there were three reasons for the change in their logo and on top of the list was the need to comply with the provisions of the New Flag Act of 1998 that prohibits any objects to hang over the Philippine flag.
He said that previous to the new logo, the picture of the flag is below the mountains and the sun.
The previous logo was developed in 1993 and is five years before the new Flag Act was released, in time for the Centennial celebration of the country’s independence.
Tetangco said the new logo has been approved by the National Historical Commission (NHC) and President Gloria Macapagal-Arroyo and “therefore, the new BSP logo is now in accordance with government rules.”
He said the public would be familiar with the new logo since it will be imprinted in new paper bills that would be out this coming December.
“We (also) want a new logo to represent the vast changes that have taken place at the Bangko Sentral ng Pilipinas and its operating environment in the last 17 years,” he said.
When the BSP replaced the old Central Bank, it adopted an inflation-targeting framework, which Tetangco said was a “more information-intensive process that has allowed us to maintain inflation at single-digit levels… even when commodity prices were hitting record high levels.”
The new logo has three gold stars to represent central bank’s pillar’s namely price stability, stable banking system and a safe and reliable payments system and symbolizes wisdom, wealth, high quality and idealism.
It also uses a stylized representation of the Philippine Eagle – the world’s largest eagle, and which Tetangco said symbolizes “strength, clear vision and freedom” that represents “the qualities we aspire for as a central bank.
BSP made the color of the eagle and the text of the BSP white to represent “purity, neutrality, and intellectual clarity.”
BSP also put a gold arc on the logo to support the eagle and the three stars as “it is open to represent the independence and freedom of the BSP, as represented by the Philippine eagle, in crafting its policies and programs.”
Tetangco said the fold used in the new logo is non-serif and is in bold “to symbolize solidity, strength, and stability… as well as the no-nonsense professional manner of doing business at the BSP.”
“The logo is a perfect round shape to symbolize the continuing and unending quest to become an excellent monetary authority committed to improve the quality of life of Filipinos,” he said.
“All these elements are rendered against a solid blue background to symbolize stability,” he said.
The first seal of the Central Bank of the Philippines (CBP) was developed during the term of the first CBP Governor Miguel S. Cuaderno Sr.
It has a man in the foreground, to symbolize the Filipino Nation pushing the Wheel of Progress, rays of the rising sun to symbolize the dawn of prosperity, the country’s traditional agricultural products as the basic ingredients for industrial production and commerce, and a circular shape symbolizing perpetuity and around it the word Central Bank of the Philippines to suggest that the Bank provides the necessary fiscal, commercial and monetary policies.”
The second logo, Tetangco said, was a “graphic interpretation of the original’s realistic rendering” and was used in the 1970s during the time of the fifth CBP governor, Gov. Gregorio Licaros.
“The seal reflected the changing face of Philippine central banking in the midst of fresh challenges from the continuing transformation of the national and global economies,” he said.
On the other hand, the first logo of the BSP was introduced in 1993 when the BSP replaced the old Central Bank, officially on July 3, 1993, and was headed by Gov. Gabriel Singson.
It has the Philippine flag “to symbolize the country and express the Filipino people’s nationalism and unity”, the risen sun to signify the bright future and renewed spirit of the nation, the mountains to represent stability, the wheel to signify movement and industry, and the word “BANGKO SENTRAL NG PILIPINAS, 1993.” (PNA)