Ferrocement panels are thin-section panels that are widely used in lightweight construction. Due to lesser flexural stiffness, they are susceptible to surface cracking. Water may penetrate through these cracks and may cause corrosion of conventional thin steel wire mesh. This corrosion is one of the major factors which affect the load-carrying and durability of ferrocement panels. There is a need to improve the mechanical performance of ferrocement panels either through using some non-corrodible reinforcing mesh or through improving the cracking behavior of the mortar mix. In the present experimental work, PVC plastic wire mesh is employed to address this problem. SBR latex and polypropylene (PP) fibers are also utilized as admixtures to control the micro-cracking and improve the energy absorption capacity. The main idea is to improve the structural performance of ferrocement panels that may be utilized in lightweight, low-cost house construction and sustainable construction. The ultimate flexure strength of ferrocement panels employing PVC plastic wire mesh, welded iron mesh, SBR latex, and PP fibers is the subject of the research. Test variables are the type of mesh layer, the dosage of PP fiber, and SBR latex. Experimental tests are conducted on 16 simply supported panels of size 1000 × 450 mm and subjected to four-point bending test. Results indicate that the addition of latex and PP fibers only controls the initial stiffness and does not have any significant effect on ultimate load. Due to the increased bonding between cement paste and fine aggregates, the addition of SBR latex improves the flexural strength by 12.59% and 11.01% for iron mesh (SI) and PVC plastic mesh (SP), respectively. The results also indicate an improvement in the flexure toughness of specimens with PVC mesh as compared to specimens with iron welded mesh; however, a smaller peak load is observed (i.e., 12.21% for control specimens) compared with the specimen with welded iron mesh. The failure patterns of the specimens with PVC plastic mesh exhibit a smeared cracking pattern that shows that they are more ductile compared to samples with iron mesh.