Batman: What do you want?
The Penguin: Ah! The direct approach. I admire that in a man with a mask.
Young Female Volunteer: You're the coolest role-model a young person could have!
The Penguin: And you're the hottest young person a role-model could have.
The Penguin: Just relax. I'll take care of the squealing, wretched, pinhead puppets of Gotham!
The Penguin: I am not a human being, I am an animal!
The Penguin: You're just jealous because I'm a genuine freak and you have to wear a mask.
Henchman: Penguin... Killing sleeping children. Isn't it that a little ah...
[Penguin grabs an umbrella and shoots Henchman dead.]
The Penguin: No! It's a lot!
The Penguin: It's true I was their number one son... But they treated me like number two!
Catwoman: I am Catwoman. Hear me roar.
Answer: It isn't. If you look at when he dies you will see that he has cuts on his face that are bleeding red. The blue liquid is more like a bile, probably similar to saliva.
What about when he emerges from the water and green blood comes out of his nose and then his mouth?