* MS cuts China's 2023 economic growth forecast to 4.7%

* Chinese asset manager says will restructure debt

* Philippines c.bank holds rates, ready to resume hikes if needed

* Indian c.bank likely sold dollars to support rupee - traders

* EM stocks ease 0.2%, FX down 0.3%

Aug 17 (Reuters) - Emerging market stocks headed for a sixth straight day of losses on Thursday, pressured by China's faltering economic growth and possible rate hikes from the U.S. Federal Reserve, while the Philippine central bank left its benchmark rate unchanged.

The Philippine peso slipped 0.2% against the dollar after the central bank kept interest rates on hold for a third straight meeting.

"The central bank too noted that risks to the inflation outlook were skewed to the upside and that food prices were a key concern," said Shivaan Tandon, emerging Asia economist at Capital Economics, in a note.

"This suggests that the BSP (Bangko Sentral ng Pilipinas) may consider it premature to cut rates before the impact of El Nino becomes clearer given how vulnerable the economy is to such an event."

Overall, MSCI's index for emerging market stocks slipped 0.2%, tracking overnight losses on Wall Street after minutes from the Fed's July meeting showed officials were divided over the need for more interest rate hikes.

The EM currencies index eased 0.3%.

Hong Kong's benchmark Hang Seng was flat, recouping losses earlier in the session when the index sank more than 2%, while China stocks closed higher, as investors awaited Beijing's stimulus measures that would boost the country's economic recovery.

Chinese stocks have been under pressure this week as the deepening property crisis and concerns about potential spillover from payment woes of shadow banking-linked trust products weighed on sentiment, along with weak economic data.

Faced with a liquidity crisis, Zhongzhi Enterprise Group will conduct a debt restructuring, the Chinese asset manager told investors.

China's yuan fell to over nine-month lows against the dollar, as widening yield differentials with the U.S. and expectations of more policy easing by Beijing eclipsed a firmer-than-expected guidance fix and state bank support.

Morgan Stanley cut China's economic growth forecast for this year to 4.7%, down from an earlier forecast of 5%.

The Indian rupee weakened against the U.S. dollar, which was supported by U.S. treasury yields, prompting the Reserve Bank of India to intervene to ensure to prevent the currency hitting a record low, traders said.

In central and eastern Europe, most currencies edged higher against the euro, while the Hungarian forint slipped 0.1%.

The Russian rouble strengthened against the dollar, in a volatile week filled with speculation over how the authorities might stabilise the currency after a 350-basis-point rate hike seemed to have a limited effect.

The Vedomosti daily late on Wednesday reported that mandated FX sales would not be re-introduced for now and that exporters had informally agreed to raise sales.

The South African rand was around flat ahead of the release of business confidence figures later in the day.

Global ratings agency Fitch downgraded Ecuador deeper into junk territory, citing financing risks arising from a significant deterioration in fiscal accounts as the country heads to polls.

(Reporting by Bansari Mayur Kamdar in Bengaluru; editing by Barbara Lewis)