MANILA, Philippines - For the second time since March, the Asian Development Bank (ADB) downscaled its growth forecast for the Philippines this year, citing the impact of the economic crisis and recent typhoons.

The multilateral lender is expecting the Philippines to grow by 1% this year, lower than the 1.6% growth forecast it made last September. In March, the ADB was looking at a 2.5% growth on the country's gross domestic product (GDP).

"The global downturn appears to be affecting the Philippines with a lag," the ADB said in its Asia Economic Monitor released Tuesday.

Despite this, however, the ADB expressed optimism that the Philippines will post a 3.3% growth next year on the back of healthy remittances and government spending.

The Philippine economy grew slower than expected in the third quarter of 2009 by 0.8% due mainly to the continued slide in manufacturing. For the first 9 months of the year, the country's GDP rose 0.7% from a year earlier.

The government has maintained its 2009 growth target of 0.8% to 1.8%, citing higher remittances and consumer spending during the Christmas season.