MANILA, Oct. 1 (Xinhua) -- The Philippine government on Wednesday scaled down its forecast of the country's economic growth in 2008, influenced by the rejection of a bailout package aimed to revive the ailing American economy in the U.S. House of Representatives.

    The revised Philippine economic growth, measured through the rise in gross domestic product (GDP), is seen at 4.4 percent to 4.9 percent for this year. The original growth pace was pegged at 5.5 percent to 6.4 percent, local news network GMA News reported.

    "The economic managers have accepted my suggestion to revise the Philippine economic projections downwards in the light of recent global developments," Socioeconomic Planning Secretary Ralph G Recto was quoted as saying.

    He said it seems inevitable for U.S. economy to slip into recession and it will have "an effect on the global economy."

    The U.S. is one of the largest trading partners of the Philippines. Latest government statistics also show that 9.3 million Filipino are currently working in the States, the report said.