diff --git a/CHANGELOG.rst b/CHANGELOG.rst
index ebe8ab8..7e46c03 100644
--- a/CHANGELOG.rst
+++ b/CHANGELOG.rst
@@ -2,8 +2,8 @@
 Changelog for package ament_package
 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
 
-Forthcoming
------------
+0.16.3 (2024-01-24)
+-------------------
 * Migrate from legacy importlib-resources (`#143 <https://github.com/ament/ament_package/issues/143>`_)
 * Contributors: Isabel Paredes
 
diff --git a/package.xml b/package.xml
index 9e43704..93d6a57 100644
--- a/package.xml
+++ b/package.xml
@@ -2,7 +2,7 @@
 <?xml-model href="http://download.ros.org/schema/package_format2.xsd" schematypens="http://www.w3.org/2001/XMLSchema"?>
 <package format="2">
   <name>ament_package</name>
-  <version>0.16.2</version>
+  <version>0.16.3</version>
   <description>The parser for the manifest files in the ament buildsystem.</description>
 
   <maintainer email="dharini@openrobotics.org">Dharini Dutia</maintainer>
diff --git a/setup.py b/setup.py
index 7f9433a..3eac0b1 100644
--- a/setup.py
+++ b/setup.py
@@ -5,7 +5,7 @@
 
 setup(
     name=package_name,
-    version='0.16.2',
+    version='0.16.3',
     packages=find_packages(exclude=['test']),
     data_files=[
         ('share/' + package_name, ['package.xml']),