In 1985, the bill was completely redesigned and Emilio Aguinaldo replaced Bonifacio in this series.
The NHCP historical marker in the Barasoain Church (indicating the foundation of the First Philippine Republic, which Aguinaldo became its president) along with a cannon can be seen on the right side of the obverse.
On the reverse, a scene from the Declaration of the Philippine Independence is featured.
This was previously featured on the reverse of the Ang Bagong Lipunan series two peso banknote.

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

In 1996, the printing of this banknote was stopped after the Bangko Sentral ng Pilipinas released the new ₱5 coin denomination that coincided the launching of the Improved Flora and Fauna series coins and due to the release of the BSP series ₱5 coin one year earlier, in which the bills also included in this series from 1993 to 1996.
Because of this, it is the only banknote in the New Design/BSP series that did not add a year mark at the bottom of the denomination value located at the upper left corner of the obverse since the year of production of a banknote was only added in 1998 (1997 for the ten peso banknotes), 1–2 years after the production of the five peso banknotes became obsolete.
Existing banknotes remained legal tender and were demonetized on December 29, 2017 after the release of the New Generation series banknotes in 2010.
In 1985, the bill was completely redesigned and Emilio Aguinaldo replaced Bonifacio in this series. The NHCP historical marker in the Barasoain Church (indicating the foundation of the First Philippine Republic, which Aguinaldo became its president) along with a cannon can be seen on the right side of the obverse. On the reverse, a scene from the Declaration of the Philippine Independence is featured. This was previously featured on the reverse of the Ang Bagong Lipunan series two peso banknote.
After the creation of the "Bangko Sentral ng Pilipinas", its new logo was incorporated on all the New Design series bills in 1993.
In 1996, the printing of this banknote was stopped after the Bangko Sentral ng Pilipinas released the new ₱5 coin denomination that coincided the launching of the Improved Flora and Fauna series coins and due to the release of the BSP series ₱5 coin one year earlier, in which the bills also included in this series from 1993 to 1996. Because of this, it is the only banknote in the New Design/BSP series that did not add a year mark at the bottom of the denomination value located at the upper left corner of the obverse since the year of production of a banknote was only added in 1998 (1997 for the ten peso banknotes), 1–2 years after the production of the five peso banknotes became obsolete. Existing banknotes remained legal tender and were demonetized on December 29, 2017 after the release of the New Generation series banknotes in 2010.
Philippine five-peso note