From what I have read and heard from some of my old Subic Bay shipmates who have visited Subic after the U.S. bases in the Philippines were closed in 1992, is that Olongapo City itself is no longer a big party town for foreigners/American expats. The few bars/big clubs in Olongapo proper still running cater to Filipinos these days.
However, if you are familiar with the Subic Bay area from the U.S. Navy Base days, the Barrio and Subic City are still party spots that cater to foreigners/American expats. There are still several old, base days style clubs going in these locations. I also hear that the old navy base itself has been built up with several high end type resorts, casinos, etc that provides entertainment to tourists as well.
There is still an American military/veteran presense of sorts in Subic Bay as well. There is an active and thriving VFW post in the Barrio, a Fleet Reserve Association post in San Antonio (outside the old San Miguel Naval Communications Station), an American Legion post on Magsaysay Blvd in Olongopo and also a Retired Activies Office in the Barrio as well, which is an official DOD office that supports retired military members residing in the area.
Interesting,thought things might have changed after 40 some odd years