 Subic has since been transformed and became a model for bases conversion into commercial use after the Cold War with blue chip companies like Coastal Petroleum, and Fed Ex pumping in over $3 billion of investments creating 70,000 jobs in the free port's first four years.It was host to the 4th APEC Leaders' Summit on November 24, 1996 and FedEx's Asia-Pacific hub, Asia-One, was also located in Subic Bay for almost ten years.In 2013 Defense Secretary Voltaire Gazmin said that the Philippines intended to move military forces to the base in response to the territorial disputes in the South China Sea.