photo courtesy of Torres Batch65
The original seal of the Central Bank of the Philippines was designed by Dan Zamora of Crispulo Zamora and Sons based on the suggestions of Governor Miguel Cuaderno, Sr.
The following is the symbolism of the logo according to Rufo Buenviaje of the Department of Economic Research:
The seal of the Central Bank of the Philippines shows a man in the foreground, symbolizing the Filipino Nation pushing the Wheel of Progress. The background shows the rays of the rising sun symbolizing the Dawn of Prosperity and revealing the country's traditional agricultural products as the basic ingredients for industrial production and commerce. The arms proper is a circle, symbolizing perpetuity, and around it the text CENTRAL BANK OF THE PHILIPPINES to suggest that the bank provides the necessary fiscal, commercial, and monetary policies.
During the term of Gov. Gregorio S. Licaros, the seal was simplified to a graphic illustration based on the same design.
(From 50 years of Central Banking in the Philippines - Coffee Table Book,1999)