Subic Bay, about 55 miles northwest of Manila, sits within striking distance of China. The United States is moving forward with plans to establish what could become the world’s largest weapons manufacturing hub in the Philippines’ Subic Bay, once home to the biggest US naval base in Asia, to counter China’s expanding military presence in the region. The plans got a real push when Philippine President Ferdinand Marcos Jr. inaugurated HD Hyundai Heavy Industries Philippines’ new shipyard at the former Hanjin complex, now renamed Agila Subic by American investment firm Cerberus Capital Management. Backed by US and South Korean...