Oscar winners Penelope Cruz, 38, and Javier Bardem, 43, are collaborating on a new project: another baby. The couple has announced they're expecting their second child later this year.

The pretty pair, who married in July of 2010, already have a 2-year-old child with whom Penelope was pregnant while shooting 'Pirates of the Caribbean: On Stranger Tides.' But she and Bardem have been fiercely private about their family.

"I want [my kids] to grow up in a way that is as anonymous as possible,” Cruz told PEOPLE shortly after son Leonardo's birth. “The fact that his father and I have chosen to do the work that we do, doesn’t give anybody the right to invade our privacy.”

Even before Penelope had Leonardo, she took part in global charitable efforts with other stars like Bono and Sean Penn, and being a mom has deepened her compassion for kids who are less fortunate.

“When you have your own, it multiplies,” she says. “It breaks your heart to know that there are so many children in the world suffering so much.”

Congrats to the expanding (and philanthropic) family!