Just found out the news that you can withdraw your Paypal money to Philippine Bank. I checked my paypal account and indeed it has added this feature. If your money is more than Php 7,000.00 the cost is free but if it is less, you will be deducted Php 50.00.
I got this information from pinoymoneytalks .
Before you can use it you need a 9-digit bank code. Maybe I should increase my money first before trying out this one. Some banks are not yet available since they launch it only this week. Better wait for others to try it first and see if they could really withdraw their money to their banks.