LOOK: Bangko Sentral changing 10-year-old logo

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The current (L) and new (R) logos of the Bangko Sentral ng Pilipinas

Metro Manila (CNN Philippines, November 20) — The Bangko Sentral ng Pilipinas is changing its logo of 10 years, a move said to keep up with "changing times" in the middle of a global recession.

BSP Governor Benjamin Diokno unveiled the new logo on Friday, which features a bright gold eagle, and deeper blue background that added more distinct details to the current emblem.

Diokno said the logo refresh meant to introduce "renewed vitality" and underscore the "integrity and competence" of the institution, in line with the BSP's 2020-2023 strategy.

The goal is to make BSP "more relevant to the Filipino people" as it works towards price and financial stability and support for sustainable economic growth. The eagle is supposed to capture "strong leadership and foresight," Diokno added.

The current BSP logo has been in use since 2010, designed under the watch of former central bank Governor Amando Tetangco, Jr. It features a stylized side angle of an eagle's head, a paler blue, and a minimalist look.

The redesign was made by BSP's in-house artists. In the new logo, a full-bodied eagle takes up most of the space, with a small script of the "Bangko Sentral ng Pilipinas" written below it.

The new symbol was endorsed by the National Historical Commission of the Philippines prior to the Malacañang's approval in November, Diokno said.

The BSP will continue to use the existing logo for now as it prepares to shift to the new one "in phases" – the details of which will be revealed in January 2021.

The BSP logo is printed on peso bills and official documents issued by the monetary authority.

There were mixed reactions on social media, with some netizens pointing out that the current logo works well and the new design seems to borrow elements from other institutions like the US Federal Reserve and the Indonesia's Garuda Pancasila emblem, among others.