The polymer version, first introduced in December 2024[3] features the Visayan spotted deer on its obverse side while its reverse side has similar design elements with the cotton-abacá version and it will be in circulation starting December 23, 2024, in limited quantities and in the Greater Manila area.

[4] From 1953, the obverse side of the denomination featured the portrait of Manuel A. Roxas, the first president of the independent Republic of the Philippines.

[6] The note features the portrait of Benigno Aquino Jr., a former senator and an opposition leader when Ferdinand Marcos was president.

The reverse features a collage of various images in relation to Aquino, showing him, inter alia, as a journalist for the Manila Times in front of an article about "1st Cav", a senator (the pioneer of the Study Now, Pay Later education program), the mayor of his hometown of Concepcion, the governor of Tarlac, and as the main driving force behind the People Power Revolution of 1986,[1][7] some three years after his death in 1983.

After the creation of the "Bangko Sentral ng Pilipinas" in 1993, its new logo was incorporated on all the New Design series bills.

In 1998, the year of printing was added at the bottom of the denomination value located at the upper left corner of the obverse.

The names of the signatories on the bills were later added starting with banknotes featuring the signature of President Joseph Estrada.

Originally, the ₱500 New Design Series banknote was to feature a portrait of Ferdinand Marcos on the obverse with the Batasang Pambansa Complex depicted on the reverse.