The BSP go signal for its outward investment was anchored on the clearance DBP obtained from the Department of Finance, which has supervisory powers over it.

DBP, likewise, got the stamp of approval from Malacañang Palace.

"We just got our approval from the BSP, the DoF and Malacañang, allowing us to set up additional subsidiaries for the expansion of our remittance service," disclosed Articer Quebal, DBP special consultant for remittance operations, in an interview.

But with high cost of putting up the brick and mortar, Quebal said the plan now is to establish subsidiaries in Europe, the United States and here in the region in phases.

Europe and the US may come next year. For the near term, the plan is to set up another subsidiary in Hong Kong. "Since we opened-up, our Hong Kong operation is doing pretty well," he said.

A latecomer in the remittance game, DBP’s operations have shown substantial growth. From year to end June this year, DBP’s individual remittance operations have picked-up with total volume "nearly doubled" its year ago level to $ 35 million.

At present, the state bank has one only subsidiary in Hong Kong, the DBP Remittance Center HK Ltd., license to engage in both the remittance and trade business in the region, was set-up in 2006. It is located in Worldwide Center, Hong Kong side for the former Crown Colony.

Quebal said DBP is considering establishing another subsidiary in either Chengyi or Cheungwan near the New Territory, where high concentration of overseas Filipino workers (OFWs).

For its European presence, Quebal revealed DBP is leaning on Milan, Italy as it headquarters then branch out in other countries. In North America, the preference is Houston, Texas, where investment is "less expensive" compared to California.

To be able to do this, DBP still has to get a license from the Department of Finance Institution. The Houston subsidiary will then serve as the hub of the bank’s entire operations in North America.

Total cost obtaining a license as well as other business permit is estimated at $ 50,000 in Texas versus $ 2 million in California.