After the task group stood to the southward for the night, it conducted further search operations the following day- without result. Ultimately, on orders from CNO, VADM Phillips terminated operations on July 29th, 1954.

Philippine Sea returned to Manila two days later where RADM R.W. Ruble relieved RADM Felt as COMCARDFV 3. Additionally, on August 24, 1954 Captain Herman L. Ray relieved CAPT Harris. Outside of visits to Yokosuka and Hong Kong, the carrier operated in the Philippine-Formosa area until 27 October 1954.

Returning via Yokosuka CVA-47 stopped briefly at Pearl Harbor before reaching San Diego on November 19th. Late in the deployment PHIL SEA served as a movie prop, appearing in the opening moments of the memorable Warner Brother's movie "Mister Roberts," helping perpetuate her showboat nickname.

Standing down from her eventful deployment during November and December, PHILIPPINE SEA resumed training in January 1955, and over the next two months prepared for her fifth cruise to the Orient. With Air Task Group TWO embarked VF-1 23, VF143 and VA-55, plus the usual detachments (except VC-3), the carrier sailed for Hawaiian waters on April 1, 1955. After her ORI off of Pearl Harbor, she arrived at Yokosuka on May 2.

Following a 5-day in-port period at Yokosuka, CVA-47 embarked upon extensive flight operations and individual ship exercises into the summer months. Interspersing her work with liberty visits to Hong Kong and Keelung, Formosa - PHIL SEA began work with Nationalist Chinese units off the coast of Formosa. During this period, in July 1955, the carrier logged her 70,000th arrested landing, when LTJG Walter G. Offerman of VF-143 trapped in his F9F Cougar.

The next change of command occurred in August 1955 when Captain Elwin L. Farrington, USN relieved CAPT Ray on August 13th. Later that month RADM Ira E. Hobbs, who had commanded PHILIPPINE SEA during part of her Korean War service, came on board and broke his flag as COMCARDIV 3, and concurrently assumed command of Task Force 77. The ship spent the remainder of her cruise operating with TF-77 and carrying out ISES, eventually departing Yokosuka on Armistice Day. She reached San Diego on November 23,1955.
With a new generation of attack carriers soon to join the fleet, PHILIPPINE SEA was now groomed for a new role as an antisubmarine warfare support carrier. She had been reclassified as CVS-47 on November 15, 1955 and now would operate twin-engine Grumman S2F-I "Trackers" and Sikorsky HSS-1 "Seabats".

Departing San Diego on February 6, 1956, PHIL SEA shifted to San Francisco where she remained into June under overhaul. Long Beach, California became her new homeport that month and she operated between the West Coast of California and Hawaii for the rest of the year. During a July trip to Hawaii with "Guided Missile Group ONE" embarked for a homeport change to Barber's Point, the carrier served as the stage for the combat scene of "Wings of Eagles." CVS-47 received a new skipper in September when Captain George S. James, Jr. USN relieved CAPT Farrington.

Standing out of San Diego on January 5, 1957, CVS-47 set course once again for Hawaii. After operating out of Pearl Harbor through March 1957, she deployed to the SEVENTH Fleet. Upon arrival at Yokosuka 8 April the carrier spent the next four months operating the "Stoofs" of VS-37 and Seabats of HS-2. Departing the Far east on July 24, 1957, PHILIPPINE SEA returned to San Diego, arriving on August 6, 1957. Later that day she shifted to Long Beach where she spent the next month. The remainder of the year was devoted to local operations-qualifying and refresher training and night training for VS-2 1, VS-23 and VS-37 and day landings by helos from HS-2, HS-4 and HS-6, interspersed with a "hunter-killer" exercise. On September 21, 1957 Captain Magruder Tuttle, USN relieved CAPT James as Commanding Officer.

Hlghlighting the fall was the ship's part in a major search operation. Indeed, the largest in recent memory, involving more than 29 aircraft and 14 ships.

On the morning of November 8, 1957, PAN AMERICAN Airways (PAA) flight 944 took off from San Francisco. The Boeing Stratocruiser named "Romance of the Skies" was bound for Honolulu with 35 passengers and a crew of 8 on board. If passed Ocean Station "November," the point of no return between the West Coast and Hawaii early that evening and made a routine report. When it failed to arrive as scheduled, vanishing with out hint of trouble, an intensive search immediately commenced.

On November 9,1957 Commander, Naval Air Force, Pacific Fleet, directed COMCARDIV 17 (RADM Thomas A. Ahroon), in PHILIPPINE SEA, to embark VS-21 and HS-6 and sail for Ocean Station "November". CAPT Tuttle, utilizing the local TV and radio stations, immediately recalled all officers and men from leave and liberty. Aided in preparations for sea by volunteers from BOXER, CVS-47 sailed at 2330 with nearly 75% of her complement on board. HS-6s ten HSS-1s, under CDR Ernest C. Harris, Jr. landed on board just prior to departure. Joined by the destroyers JOHN R. CRAIG (DD-885) and DUNCAN (DDR-874) PHILIPPINE SEA proceeded toward the last known position of 'Romance of the Skies," landing 13 S2Fs of VS-21 (led by CDR Leo Meacher), on the morning of the 10th.