The removal of Guam's security clearance by President John F. Kennedy in 1963 allowed for the development of a tourism industry. The island's rapid economic development was fueled both by rapid growth in this industry as well as increased U.S. Federal Government spending during the 1980s and 1990s. Guam's U.S. military installations remain among the most strategically vital in the Pacific Ocean. When the United States closed U.S. Naval Base Subic Bay and Clark Air Base bases in the Philippines after the expiration of their leases in the early 1990s, many of the forces stationed there were relocated to Guam. The 1997 Asian financial crisis, which hit Japan particularly hard, severely affected Guam's tourism industry. Military cutbacks in the 1990s also disrupted the island's economy. Economic recovery was further hampered by devastation from Supertyphoons Paka in 1997 and Pongsona in 2002, as well as the effects of the September 11 terrorist attacks on tourism.