Manila  - The Philippines downgraded on Wednesday its economic growth target for 2009 due to the severe impact of the global slowdown, a senior official said.

Socio-Economic Planning Secretary Ralph Recto said the growth target for 2009 was revised to between 3.7 per cent and 4.4 percent from the previous forecast of between 3.7 per cent and 4.7 per cent.

In 2008, the Philippines' gross domestic product (GDP) grew 4.6 per cent, way below the three-decade high growth of 7.1 per cent in 2007.

The toll of the global slump is expected to seriously hurt the country's exports, which were likely to contract between 6 per cent and 8 per cent, Recto said.

Imports were expected to shrink between 8 per cent and 10 per cent, he added.

The industry sector is also seen to post a slower growth of between 3.9 per cent and 4.7 per cent from last year's 5 per cent rise.

Growth in the services sector is expected to ease to between 3.9 per cent and 4.5 per cent from last year's 4.9 per cent.

Remittances from more than 8 million overseas Filipinos, which account for at least 10 per cent of the GDP, were expected to remain flat at 16.42 billion dollars in 2009, the central bank said. (dpa)