Subic - once a vast American naval facility - remains hopeful it will be chosen.

CNN: DONALD AND MICKEY

The U.S. should negotiate a commercial agreement for access to logistic support facilities in Subic Bay.

CENTERFORSECURITYPOLICY: Enter the dragon

Before Tsang's announcement last week, Subic Bay in the Philippines said it still believed it was in the running.

CNN: DONALD AND MICKEY

Twelve months ago, leaders from the 18 nations that comprise the Asia-Pacific Economic Cooperation forum gathered in the Philippines' sunny Subic Bay for their annual meeting.

CNN: APEC Shortens Its Horizon

Their enmity dates back to 1991, when Mr Gordon refused to let Mr Estrada into Subic Bay to film a movie critical of American bases in the Philippines.

ECONOMIST: The Philippines

To extract Malampaya's gas, Shell will put down nine undersea wells - five in 2002 and four in 2009 - plus a production platform being built in Singapore and Subic.

CNN: Up from the Ocean

Sporting an Elvis haircut and casually dressed in a black polo shirt, white jacket, pants and shoes, the Philippine President chatted with FORBES GLOBAL recently at a Subic Bay yacht club.

FORBES: The Ronald Reagan of the Pacific

Another problem for Mr Estrada is Subic Bay, a former United States naval base that has been transformed, since the Americans left it in 1992, into the country's flagship export-processing zone.

ECONOMIST: The Philippines

"Some investors are coming here, instead of to Malaysia or Indonesia, because this is the only country whose change in political leadership is predictable, " argues Felicito Payumo, chairman of the Philippines' Subic Bay Metropolitan Authority.

FORBES: The Ronald Reagan of the Pacific

An investor in the Subic Bay economic zone, a converted former American naval base, reckons that although 80% of the transport and telecoms links to the area are finished, that is enough to attract only 10-20% of potential investors.

ECONOMIST: The Philippines