A good development and a sign that Philippines is being trusted even this was implemented in India way back November 1st week.
I believe this is because Philippine online visibility is emerging and it is a reality that there are lots of full time and part time netrepreneur.
One must be sure that PayPal name matches with the Bank Name where they will make the transfers. IF there will be a mistake on Transferring PayPal will charge you of abut PHP 250.00
You can check it in your PayPal Philippines Dashboard and see the development via My Account >>> Withdraw.
I just don’t know where to get those 9 Digits Bank Code, which is one of the options that needs to be filled up. We better ask our local bank about it. Anyway I will be researching about it and report here how to obtain it.
Thanks to James for posting it.
Update : James made an additional information regarding the Bank Codes better check it on his site >> PayPal Bank Codes (to withdraw PayPal to bank account)