BSP launches new logo

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has launched its new logo in time for the introduction of the new generation banknotes towards the end of the year and to represent vast changes over the past 17 years.

BSP Governor Amando M. Tetangco Jr. said the new logo would be the fourth logo of the central bank and would be the second logo of the BSP.

“The launch of our new generation banknotes by December this year presents a timely and perfect platform to introduce and familiarize our people to the new BSP logo. Our new banknotes therefore will already feature our new logo,” Tetangco stressed.

He added that the new logo also follows the provisions of the New Flag Act of 1998 which states that no object should hang over the Philippine flag as the current logo developed in 1993 rendered the flag below the mounts and the sun.

The BSP chief explained that the new logo would represent the vast changes that have taken place at the BSP such as the shift in the the framework of monetary policy to inflation targeting from monetary aggregates.

He said the new logo would also represent the banking system that was made stronger by continuing reforms and mandatory capital build-up and has remained stable and sustained healthy credit growth in the midst of the worst global financial crisis in decades that saw a prolonged credit freeze and the meltdown of international financial institutions.

The new logo, he added, shows the country’s safe and dependable payments and settlement system that processes over P100 billion in daily transactions, the strong external position, highlighted by record high gross international reserves (GIR) that allowed the liberalization of foreign exchange transactions and prepayment of several loans.

“We needed a logo that is in accordance with existing regulations; we want a new logo to symbolize our global approach to the three pillars of central banking; and we wanted to incorporate our new logo in the new banknote series that will have new designs and upgraded security features,” Tetangco said.

The central bank’s first logo was introduced 61 years ago when the BSP was still know as the Central Bank of the Philippines under first CBP Governor Miguel Cuaderno Sr.

The second logo was introduced in the 1970s during the time of CBP Governor Gregorio Licaros reflecting the changing face of Philippine central banking in the midst of fresh challenges from the continuing transformation of the national and global economies.

The central bank’s third logo was launched in 1993 when the CBP was renamed as BSP during the term of former Governor Gabriel Singson.

Tetangco said the new logo features three stars to represent the three pillars of central banking incuding price stability, stable banking system, and a safe and reliable payments system.