Philippine c.bank lowers '08 export growth forecast

MANILA, May 11 (Reuters) - The Philippine central bank has lowered the export growth forecast for this year to 6 percent from 8 percent because of the slowdown in the United States, the country's biggest trading partner, central bank sources said.

The forecast was contained in a report given to the central bank's Monetary Board on Thursday, the sources said.

The report also downgraded the forecast for import growth this year to 7 percent from 9 percent.

The government has not revised its own export growth forecast, which remains at 8 percent for this year. Its import growth forecast also remains at 9 percent.

Philippine exports in the first quarter of the year were up only 2.7 percent over the same period in 2007.

Annual Philippine import growth was above 20 percent in both January and February, but the growth rate of electronics, which is mostly used in export industries, lagged. (Reporting by Raju Gopalakrishnan; editing by Jacqueline Wong)