Manila, Philippines -- PayPal announced the introduction of the Philippine Peso, allowing Filipino buyers and sellers to send, receive and hold a balance in local currency. Eliminating the need to convert currency and pay costly exchange fees for purchases or sales, the introduction of the Philippine Peso will make ecommerce easier and faster for PayPal buyers and sellers.

PayPal now allows buyers in the Philippines to quickly, easily and securely pay online using their local currency, removing the headache and cost of currency conversion. By offering sellers a low-cost, hassle-free option to accept payments online and now the ability to trade in local currency, PayPal is helping merchants drive increased buyer appeal and domestic trade for their business.

“PayPal’s goal is to provide our members with a secure, fast and convenient way to pay and get paid online,” said Mario Shiliashki, General Manager of PayPal Southeast Asia and India. “The introduction of the Philippine Peso will make domestic ecommerce easier and more convenient for buyers and sellers in the Philippines and is well timed for the holiday season!”

“PayPal’s introduction of the Philippine Peso will bring huge benefits to Filipino buyers and sellers, ultimately making ecommerce easier and cheaper for both parties,” commented Eireen Diokno-Bernardo of Dekada Arts Philippines, an eBay PayPal merchant. “Currency conversion and the associated costs pose huge headaches for buyers and sellers in the Philippines, often resulting in loss of profits for sellers and inconvenience for buyers. I’m extremely excited about PayPal’s new services and foresee increased growth of domestic ecommerce trade as a result of this step. PayPal offers sellers in the Philippines an easy, low cost option to accept payments online - especially credit cards payments, while providing buyers with the security and convenience they require.”

For more information, visit www.paypal.com.ph.