FORMER president and Pampanga Rep. Gloria Macapagal-Arroyo yesterday took a jibe at President Benigno C. Aquino III, her former student in the subject of economics at the Ateneo de Manila University.

At a press briefing yesterday at the Manila Hotel, Elena Bautista- Horn, Mrs. Arroyo’s spokesperson and former Sec. Gary Olivar, presented a paper reviewing the economy under her administration and that of the Aquino administration, titled, “It’s the economy, student!”

Mrs. Arroyo, a Dean’s Lister during her academic years, has a doctorate (PhD) in economics from the University of the Philippines and for some time taught the subject at the Ateneo de Manila where Aquino was one of her former students.

The paper, which Mrs. Arroyo allegedly worked on while under medication and recovering from her surgery late last year between October and December last year, was read to the audience by UP economics professor, Dr. Gonzalo Jurado.

In the main, the presentation claimed that the Aquino administration has been neglecting the “bread and butter” issues and the economy as a whole as it is focused on the “politics of division.”

Mrs. Arroyo argued that such policy is making foreign investors skeptics in pouring their money in the country, highlighted by only one “PPP” (public-private partnership) project since P-Noy became president.

The PPP is among the present administration’s centerpiece projects aimed at boosting the economy.

“When I stepped down from the presidency in June 2010, I was able to turn over to the next (Aquino) administration a ‘new’ Philippines with a 7.9 percent growth rate.

“That growth rate capped 38 quarters of uninterrupted economic growth despite escalating global oil and food prices, two world recessions, central and west Asian wars, mega-storms and virulent global epidemics.

“As two-thirds of the world’s economies contracted, we were one of the few that managed positive growth,” Mrs. Arroyo said.

She added the 3.2 percent third quarter growth of the economy last year was “well below all the forecasts (for the economy) that had already been successively downgraded. The momentum inherited by President Aquino from my administration is slowing down...he has simply not replaced my legacy with new ideas and actions of his own.”