The bay was long recognized for its deep and protected waters, but development was slow due to lack of level terrain around the bay
History
In 1542, Spanish conquistador Juan de Salcedo sailed into Subic Bay but no port developed there because the main Spanish naval base would be established in the nearby Manila Bay. When the British captured this base in 1762, the Spanish were forced to find an alternate location and Subic Bay was found to be a strategic and superb port location. In 1884, King Alfonso XII of Spain decreed that Subic was to become "a naval port and the property appertaining thereto set aside for naval purposes.
In 1899 during the Philippine-American War, the Americans captured the Spanish base and controlled the bay until 1991. During this period, the naval facilities were greatly built up and expanded, including a new naval station that was built in the early 1950s by slicing the top half from a mountain and moving the soil to reclaim a part of Subic Bay. In 1979, the area under American control was reduced from 24,000 hectares (59,000 acres) to 6,300 hectares (16,000 acres) when the Philippines claimed sovereign rule over the base.
Following the destruction of the 1991 Mount Pinatubo eruption, the Americans closed the base, and the area was transformed into the Subic Bay Freeport.
Ref : https://en.wikipedia.org/wiki/Subic_Bay
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View of Rivera wharf from NSD wharf.
NSD wharf
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Related story about Subic Bay and Olongapo :
Subic Bay Metropolitan Authority
http://www.mysubicbay.com.ph/
Photos of Hanjin Shipyard, SBMA, and other areas of Subic Bay.
http://jibraelangel2blog.blogspot.jp/2013/08/photos-of-hanjin-shipyard-subic-bay.html
Photo Journal of Olongapo City - 4th Nov. 2009
http://jibrael.blogspot.jp/2009/11/photo-journal-of-olongapo-city-4th-nov.html
Photo Journal of Subic Bay Freeport Zone - 4th Nov. 2009
http://jibrael.blogspot.jp/2009/11/photo-journal-of-subic-bay-freeport.html
Clark to Subic via SCTEX - 4th Nov. 2009
http://jibrael.blogspot.jp/2009/11/road-trip-from-clark-to-subic-via-sctex.html
Philippines
reopens Subic Bay as military base to cover South China Sea
http://www.theguardian.com/world/2015/jul/16/philippines-reopens-subic-bay-as-military-base-to-cover-south-china-sea#img-1
US Navy Virginia-class attack submarine
arrives in Subic Bay
http://www.update.ph/2016/01/us-navy-virginia-class-attack-submarine-arrives-in-subic-bay/1818
LA-class US fast-attack submarine arrives in PH
http://www.update.ph/2016/01/la-class-us-fast-attack-submarine-arrives-in-ph/1895
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YOU TUBE VIDEOS
Olongapo City - April 2015 part 1
Olongapo City - April 2015 part 1
US Attack Submarine at Subic
Subic Bay
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