Yes, you can now withdraw your PayPal funds to your local Philippine bank accounts. After opening its service to Filipinos not too long ago, you can now have your PayPal credits in real Philippine peso, in cash!
I just initiated a withdrawal to my BDO Savings account, so I’ll try to give some updates on it. Expectedly, PMT covers the whole thing quite well, with the list of PayPal Bank Codes for local banks.