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According to the newspaper articles and a 1993 study

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Unformatted text preview: spaper articles and a 1993 study on Subic base, the city was 'economically dead' after the base left in 1992. More recently, economic revival within the city can be attributed to the conversion of the base to a Freeport Zone. Currently, the city serves as a retail and service center for the residents of the Freeport Zone, neighboring towns and its own population. Figure 3.2 Distribution of Establishments by Sector in the City Distribution of Establishmnets Manufacturing Transport 2% Agriculture 2% 1% Real estate & Finance 11% S ervicesComec 24% Source: Accomplishment Report 1998 Commerce 60% Its main economic sectors are commerce and services (see Fig 3.2). Manufacturing and agriculture constitute only 18 percent and 5 percent of the city' s economy respectively (1995 Census of Population & Housing). After the bases withdrew in 1992 and the volcanic eruptions of 1991, the number of business in the city declined by 60% from 1991 to 1995. The population of the city declined with an average annual growth rate of 1.4 percent. As the...
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