It later became the venue of the Movement of Concerned Citizens for Civil Liberties (MCCCL) rally led by Sen. Jose W. Diokno on September 21, 1972, where 50,000 people gathered together to protest the impending martial law declaration of the Marcos dictatorship.

It underwent a ₱49 million renovation in 2000 after decades of neglect as a result of Manila's urban decay in the 1970s and 1980s, giving it a more modern design despite protests from various historical groups and cultural experts,[1] with a monument erected to commemorate bombing victims and additional architectural elements installed.

Currently, Plaza Miranda serves as a freedom park, where assemblies and protests may be held without needing a permit from local authorities, and with thousands of people crossing through it every day, it is considered Manila's version of Times Square.

The obelisk is flanked by two columns on each side, topped with urns made from an alloy of cast iron and bronze, which also serve as gas-fired cauldrons which may be lit for special occasions.

[7] The area around R. Hidalgo Street is also known as the "photographers' haven" owing to the presence of several buildings that house shops offering photography-related services, some of which have been in operation for decades.