Briefs

The Philippine economy grew 7 per cent during the second quarter, the last three months of the Aquino administration, amid robust spending for the national election held last May, the Philippine Statistics Authority announced Thursday.
The growth posted during the April to June period was faster than the 5.9 per cent posted a quarter ago as well as 6.8 per cent in the first quarter.
The average gross domestic product (GDP) growth in the first half was 6.9 per cent, National Statistician Lisa Grace Bersales said in a press conference.
The Duterte administration targets the GDP to grow by a “conservative” 6-7 per cent in 2016, as economic managers had downscaled the Aquino administration’s target of 6.8-7.8 per cent growth for this year, citing adjustments to be made in the next few months as the new administration settles down.—The Philippine Inquirer 

Thailand still top-trading 
partner with Laos in Asean 
Thailand is still the top-trading partner with Laos among Asean countries and bilateral trade expands year-on-year. 
In 2013, the combined import and export value from Laos to Thailand reached over US$5.6 billion (Bt198 billion) of which the export value was over US$1.3 billion while the import value reached $3.7 billion. 
Trucks transport goods from Thailand at the Savan Logistics Park. 
The import and export value from Laos to Thailand in 2014-2015 reached $4.1 billion, including $1.5 billion of export values and over $2.6 billion in imports. 
The total import and export value from Laos to Thailand reached more than $2.1 billion over the past six months of 2015-2016, of which export value totaled $941 million while imports reached $1.2 billion, according to a report from the Import and Export Department under the Ministry of Industry and Commerce. 
Electricity remained as the top exported commodity at more than $382 million. Copper and copper items ranked second with a total export bill of $201 million. 
Electricity products placed third and were valued at $167 million, while cassava ranked fourth with an export bill of $47 million. 
Other goods exported to Thailand were land vehicles and spare parts valued at $20 million, cabbage worth $12 million, maize valued at $8 million, fertiliser worth $3.6 million, and processed and unprocessed coffee valued at US$4 million. —Vientiane Times

Vietnam has huge 
franchising potential
With its high economic growth rate and a population of over 90 million, 60 per cent of whom are young consumers, Vietnam has become an increasingly attractive destination for many international franchising and retail businesses.
Many have come already, Yvonne Chan, deputy consul-general (commercial) and senior Trade Commissioner at the Australian Trade and Investment Commission, told a seminar in HCM City yesterday. Australia is one of the most developed franchise nations in the world, she said, adding that the majority of the franchises are local and successfully expanding abroad.
The seminar, organised by VF Franchise Consulting, was attended by executives from many leading US, Australian, and Asian franchises in the food and beverage, education and training, and fitness and services sectors that are looking for local franchisees. According to experts, the food and beverage industry has seen franchising develop strongly in Vietnam, especially in the fast foods segment. —Viet Nam News

Investment, productivity 
key to Indonesia’s survival 
Indonesia needs to intensify efforts to boost foreign investment while at the same time increasing domestic production to survive the slowing down of global economy.
In order to survive the global economic slowdown, the country must intensify efforts to boost foreign investment while at the same time increasing domestic production, a former finance minister has said.
Economist Chatib Basri, who served as finance minister from 2013 to 2014 under president Susilo Bambang Yudhoyono's administration, said the government’s development programmes, such as infrastructure projects, could potentially attract foreign investment. He, however, said more must be done as the nation needed investment equal to 6.6 per cent of gross domestic product (GDP) to improve its annual economic growth by 1 per cent.
“There are two ways to escape from the 5-per cent growth [cycle], by increasing investment or boosting domestic production so that we can reduce the 6.6 per cent ratio to 5 per cent,” Chatib said at the UOB Indonesia Economic Outlook 2017 forum in Jakarta on Wednesday. – The Jakarta Post