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In page Martial law under Ferdinand Marcos:
"The commodities boom continued throughout most of the 70s, only slowing down towards the early 1980s when it left the Philippine economy vulnerable to the instability of the international capital market.[2] As a result, the economy grew amidst the two severe global oil shocks following the 1973 oil crisis and 1979 energy crisis – oil price was $3 / barrel in 1973 and $39.5 in 1979, or a growth of 1200% which drove inflation.[citation needed]
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