diff --git a/version.bzl b/version.bzl
index 204e2e433..971e18722 100644
--- a/version.bzl
+++ b/version.bzl
@@ -1,3 +1,3 @@
 """A module represeting the version of rules_foreign_cc"""
 
-VERSION = "0.4.0"
+VERSION = "0.5.0"