This just came in the mail and it’s good news for the growing e-commerce industry here in the Philippines. PayPal just announced its new withdrawal feature which now allows its Pinoy members to conveniently withdraw funds from their PayPal accounts to their local bank accounts.

According to the announcement in Ebay.ph, all local banks can be used to withdraw funds and it will take about 5 to 7 business days before the money is credited to your account. Also, withdrawals of Php7,000.00 and above will be free but for amounts less than 7k a fee of 50 pesos will be charged.

2008 really is the turning point for the e-commerce industry here in the country and this move by PayPal is just another indicator of the direction the industry is going. Let’s see in the next few days how people will respond to the new service and how this will affect e-commerce here in general.