From
Military basis to Free Trade Zone
After the retreat of the Americans thousands of jobs were lost
and unemployment was enormous. The Philippine government decided to stimulate
economic growth by attracting foreign investors to the Subic bay region
as well as to Angeles City. They made the necessary infrastructure and
offered the possibility of 'free trade' in specific economic zones.
Companies
have since then the possibility to operate without strict regulations and
with very low tax regulations. This policy however wasn't very successful.
The foreign investors hardly showed up.
Centers
of entertainment
Instead of many industries,
service activities for tourists
entered the areas of Subic bay and Angeles City.
The nearby presence of the
Pinatubo is now one of the main attractions for tourists staying in Angeles
City.