This former student of President Gloria Macapagal-Arrroyo is not impressed. Presumptive President-elect Benigno Aquino III on Saturday belittled the Arroyo administration's boast that it had improved the economy with the country's gross domestic product growing by 7.3 percent in the first quarter of the year. Aquino, who was Arroyo's economics student at the Ateneo de Manila University, said the increase in the economic figures for the first quarter was primarily due to campaign spending for the May 10 general elections. “Economic figures for the first quarter are inflated by the campaign spending and hence can't be claimed as the result of wise economic policies,” Aquino said. Arroyo on Friday said that the next administration should build on the economic achievements of her administration. But on Thursday, Aquino expressed his concern that the outgoing administration was still on a spending spree despite the growing budget deficit. “Many are saying that the (fund) releases are continuing. I hope this is not covered by the campaign ban,” Aquino said.
