 Indeed, according to the U.S. based Heritage Foundation, the Philippines enjoyed its best economic development since 1945 between 1972 and 1980.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.Despite the 1984–1985 recession, GDP on a per capita basis more than tripled from $175.9 in 1965 to $565.8 in 1985 at the end of Marcos' term, though this averages less than 1.2% a year when adjusted for inflation.