The Chinese don't need to worry of whether USN will re-open Subic Bay. It means very little to Chinese security. But it will bleed USN budget badly. What China need to do is to strengthen its navy and also its MRBM and AAM force .. and it will be much more cost effective.
The Philliphine is a significant country, I believe this time they choose a wrong side, the future for Asia is China, not the USA.
Philippine' nominal GDP is only merely $200B very insignificant, China' nominal GDP is $7,3T or roughly 37x the Philippine'
Every year China add another roughly $1T nominal GDP or something like 5x the Philippine's ... imagine that :-)