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The Philippines will station new fighter jets and two frigates at the former U.S. naval facility in Subic Bay from early next year cheap nike air max tn , officials said, the first time the massive installation has functioned as a military base in 23 years.


Using Subic Bay would allow the Philippine air force and navy to respond more effectively to "Chinese moves" in the South China Sea, security experts said. Subic Bay's deep-water harbor lies on the western side of the main Philippine island of Luzon, opposite the South China Sea.


"The value of Subic as a military base was proven by the Americans. Chinese defense planners know that," said Rommel Banlaoi, a Philippine security expert.


Once one of the biggest U.S. naval facilities in the world cheap nike air foamposite one , Subic Bay was shut in 1992 after the Philippine Senate terminated a bases agreement with Washington at the end of the Cold War.


Manila converted the facility, which was never home to the Philippine military, into an economic zone.


Defense Undersecretary Pio Lorenzo Batino told Reuters the Philippine military signed an agreement in May with the zone's operator, the Subic Bay Metropolitan Authority, to use parts of the installation under a renewable 15-year lease.


U.S. warships have called regularly at Subic Bay since 2000, but only to dock during exercises with the Philippine military or to use its commercial facilities for repairs and resupply.


Officials said once Subic Bay was a military base again cheap nike zoom vaporfly , the U.S. Navy could have much greater access to it under a year-old agreement that gives U.S. troops broad use of local military facilities, although that deal is on ice after it was challenged in the Philippine Supreme Court.


Using Subic would be the latest Philippine military move against China.


Besides beefing up security cooperation with the United States, Japan and Vietnam, the military plans to spend $20 billion over the next 13 years to modernize its armed forces, among the weakest in Southeast Asia.


"We hope that the Philippines does more to benefit regional peace and stability," Chinese defense ministry said in a statement faxed to Reuters.


AIR WING RELOCATING


Two FA-50 light attack fighters made by Korea Aerospace Industries cheap nike hyperdunk 2017 , the first among a dozen ordered last year, would be based at the former Cubi Naval Station in Subic Bay from early 2016, two Philippine generals told Reuters. The two planes arrive in December.


The full squadron of FA-50s would be based at Subic, as well as the 5th Fighter Wing, which would relocate from a rundown base in northern Luzon, said the generals cheap nike air more money , who declined to be identified.


Two naval frigates would be stationed at Subic Bay's Alava Port.


The generals cited proximity to the South China Sea and the ease in making the base operational as reasons for the move.


"There are existing facilities in Subic Bay. We need only to refurbish them," one officer said.


Since Subic Bay hasn't functioned as a military base for more than two decades, it was not among eight locations the Philippine armed forces has said the U.S. military could use under the stalled 2014 defense deal.


The Enhanced Defense Cooperation Agreement would allow the U.S. military to deploy at Philippine bases for longer periods than under existing accords as well as build barracks and facilities for logistics purposes.


The agreement has been frozen since left-wing politicians challenged its constitutionality last year. The Supreme Court is expected to issue a ruling in the coming months.


"(Subic) could be one of the locations ... under the Enhanced Defense Cooperation Agreement," Batino said.


The Pentagon has said there were informal talks about Philippine base locations but that no plans would be implemented until the Supreme Court issues a ruling.


NEW YORK, June 24 (Xinhua) -- U.S. stocks pulled back amid GDP report on Wednesday, as a setback in Greece's debt talks weighed on investor sentiment.


The Dow Jones Industrial Average dropped 178.00 points cheap nike epic react flyknit , or 0.98 percent, to 17,966.07. The S&P 500 decreased 15.62 points, or 0.74 percent, to 2,108.58. The Nasdaq Composite Index lost 37.68 points cheap nike zoom vapor street flyknit , or 0.73 percent, to 5,122.41.


The eurozone's Greece talks didn't reach agreement late Wednesday and is set to restart on Thursday.


International creditors rejected the Greek government's plan to end its financial crisis, but they have submitted counterproposals, according to media reports.


News of the rejection, announced by Greek Prime Minister Alexis Tsipras cheap nike air safari , dashed hopes of an imminent deal between the embattled Mediterranean country and its creditors.


Time is running out for Greece and creditors to reach a deal before Greece has to repay a 1.6-billion-euro loan to the IMF by the end of this month.


Greece will face default if it fails to make the repayment, which may trigger "capital controls" on its banks.


On the economic front, the final read on first-quarter gross domestic product (GDP) in the United States decreased at an annual rate of 0.2 percent, in line with expectations and above a previous estimate of a 0.7 percent contraction, the Department of Commence said Wednesday.


"The biggest change was in consumption, which was revised from 1.8 percent to 2.1 percent. A stronger consumer finish in Q1 and anticipated better April and May consumption figures tomorrow should keep the Q2 consensus close to 2 percent cheap nike air footscape ," said Chris Low, chief economic analyst at FTN Financial, in a note.


The Federal Reserve has said it remains data-dependent and expects to raise interest rates when it sees a sustained rebound in the economy.


Jerome Powell, a Fed governor, on Tuesday said the U.S. economy could be ready for a first interest rate hike in September and there would be two increases by the end of the year.


The CBOE Volatility Index, often referred to as Wall Street's fear gauge cheap nike little posite one , increased

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