Deetsie's Heroic Dailies

Good news to all PayPal users in the Philippines.  PayPal, Inc. has amended their User Agreement and Payments Policy effective 2 days ago, 14th of October, 2009.  The Payments policy and buyer protection policy are modified to include Philippine Peso as a holding currency.  Other currencies added were Taiwanese Dollar, Thai Baht, Malaysian Ringgit, Argentinean Peso, and Brazilian Reais.

This simply means you may now set your main currency to PHP and no longer with USD. Before this amendment, all PayPal transactions done by accounts set-up in the Philippines has to convert the amounts to any of the unrestricted currencies like USD, GBP, AUD or EUR.  PH PayPal accounts are used mainly for receiving USD payments. The sending option is only available if and only if your PayPal balance is funded. But now, we can add a Philippine Bank account as source of funds to facilitate more transactions.  We can now withdraw funds FROM our PHP bank accounts and add PayPal balance to do Mass Payments, issue e-checks, etc. In the past, only USA bank accounts can be used for these transaction types. I’m super excited about this development.  I just created a business account and will now go full swing with my online business.  I believe this is going to make a lot of difference in the Philippine’s web presence.

You may check the PayPal Amendment on Payment Policy here.