Post-Cold War
Surprisingly the departure of the Americans did not spell doom. Subic Bay was converted into a commercial zone largely through the efforts of some 8,000 residents of nearby Olongapo City, under the leadership of their mayor, Richard Gordon, who volunteered to protect and preserve 8 billion dollars worth of facilities and property from looting and destruction. Subic has since been transformed and became a model for bases conversion into commercial use after the Cold War with blue chip companies like Coastal Petroleum, and Fed Ex pumping in over $3 billion of investments creating 70,000 jobs in the free port's first four years. It was host to the 4th APEC Leaders' Summit on November 24, 1996 and . FedEx's Asia-Pacific hub, Asia-One, was also located in Subic Bay for almost ten years.
In addition to commercial use, Subic Bay is also a popular destination for weekend visitors from Metro Manila. Attractions include several beaches, an underwater aquarium, jungle survival tours, racing and duty-free shopping centers.
Read more about this topic: Subic Bay Freeport Zone, History
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“Surely there is not a capitalist or well-informed person in this world today who believes that [World War I] is being fought to make the world safe for democracy. It is being fought to make the world safe for capital.”
—Rose Porter Stokes (1879–1933)