I remember at the time that the PI government wanted us to pay almost double to continue the leases.
That was an issue as well as the length of the next lease. Another FReeper who was stationed in Subic during the base negotions and the Mt. Pinatubo eruption said that we wanted a 10 year lease and the PI government only wanted a 7 year lease. He also pointed out that with the billions in cleanup it would have cost the U.S. Government to repair just the Subic Bay Naval complex after the Mt. Pinatubo eruption, we just opted to pull out when the leases expired at the end of 1992 and ended the lease extension negotions.