Subic has one wreck worth diving and thats about it.
As Centrals said, the enjoyment of dive sites is very much a personal factor. There are over a dozen wreck and reef sites in Subic Bay.
Personally, I love them. I couldn't even begin to guess at which wreck DamonL believes was the only one "worth diving"?!?
The USS New York? Gigantic and historically fascinating warship, complete with 8" gun turrets, prop and a thousand hours worth of potential explorative penetrations?
The Landing Ship Tank? "The ship design that won WWII"...Sitting upright in 36m, swarming with schools of fish, in 20m viz with occasional swim-pasts by the resident Bull Sharks?
The El Capitan? The war hero vessel, awarded a battle star for action in Guadacanal.... offering perfect wreck training conditions, with extensive and safe penetrations, submerged air-pockets, structurally intact and sitting so shallow you can do a safety stop on top of her hull?
The San Quentin? A 120 year old relic from the Spanish-American war, laying scattered over a vibrant coral reef...playing host to a wide collection of reef and macro marine life...with considerable historical interest in the design of the huge boilers (still standing proud) and sturdy wooden superstructure (still preserved on the sea bed).. typically in 20+m visibility, its a dive like no other?
Well...for me, that's 4 dives that are unmissable.... I've done hundreds of dives on them.... and still love each return visit. Don't even get me started about Japanese Patrol Boat, Barges, Grande Island or the F4 Phantom....
I'm addicted to diving Subic Bay.... but, as Centrals said, it's a personal thing. Just don't write it off, until you've judged for yourself.
More info:
Wreck Dive Subic Bay
Anilao Diving:
Diving in Anilao
http://www.scubatechphilippines.com/scuba_diving_anilao.html
Photos of Subic and Anilao:
Photo Gallery