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The 500 Philippine Piso banknote, issued in 2024, is made of polymer and is part of the first series of Philippine polymer banknotes. Its dimensions are 160 mm in length and 66 mm in width.
The front of the banknote features the Visayan Spotted Deer (Rusa alfredi), an endemic species of the Philippines, as well as a depiction of the Acanthephippium mantinianum flower. The coat of arms of the Philippines and the seal of the central bank Bangko Sentral ng Pilipinas are positioned on the right side of the banknote.
The back of the banknote features a map of the Philippines slightly off-center to the left. In the center, there is an illustration of the Blue-naped Parrot. The Puerto Princesa Subterranean River is depicted on the right side of the banknote.
The banknote incorporates a watermark consisting of a transparent window where the coat of arms and the seal of the Bank appear, rendered with a holographic effect. The banknote was printed by Note Printing Australia, located in Melbourne.