In 2020, the Bangko Sentral ng Pilipinas (BSP) introduced an updated series, the Enhanced New Generation Currency (eNGC), with improved security and tactile features. The 200 peso note in this series has a redesigned scene depicting the Declaration of Philippine Independence and the opening of the Malolos Congress. Additionally, braille lines were added to the edges of the notes to assist the visually impaired in identifying denominations.

The Central Bank of the Philippines introduced the New Generation Currency (NGC) series banknotes in 2010, ranging from 20 to 1,000 pesos. These notes feature famous Filipinos on the front and the country's natural wonders on the reverse.

The 20 peso features Manuel L. Quezon, the 50 peso features Sergio Osmeña, and the 100 peso features Manuel A. Roxas. The 200 peso showcases Diosdado P. Macapagal, known for leading post-WWII reconstruction. The 500 peso depicts Corazon Aquino and Benigno S. Aquino Jr., recognized for championing democracy. The 1,000 peso honors three World War II heroes.

The reverse of the 20 peso features the Banaue Rice Terraces, the 50 peso features Taal Lake, and the 100 peso features Mayon Volcano. The 200 peso displays the Chocolate Hills, the 500 peso shows Puerto Princesa Subterranean River, and the 1,000 peso features the Tubbataha Reefs. Each denomination also has a unique wave pattern, such as the Kinaray-a weave for the 20 peso and the Mindanao T'nalak design for the 1,000 peso.

All notes feature a watermark of the featured person and denomination, a see-through register of the word 'Filipino' in pre-Hispanic script, a latent image of the denomination, microprint of the central bank's name, and glowing elements under UV light, including serial numbers, animals, and security fibers.

The eNGC notes introduced advanced security features. Higher denominations (100, 200, 500, 1,000 pesos) now have a windowed security thread with a holographic feature and color-changing ink (e.g., 100 peso from purple to bronze). The 500 peso note replaces the optically variable device with a color-changing stylized Philippine flag, and the 500 and 1,000 peso notes have main denominations printed in color-changing ink with a rolling bar effect.

The 20 peso banknote is being phased out and replaced by a 20 peso coin due to its longer lifespan. In April 2022, the BSP also introduced the Philippines' first polymer banknote, featuring the Philippine eagle on the front and Tubbataha Reefs Natural Park on the reverse.