pg_connect timeout ignored

I'm testing the connect_timeout option in pg_connect but the library seems
to ignore it. I set the pg_connect to connect to an invalid host IP and set
the connect_timeout=8 but the function returns in 30 seconds or more.

$DB = pg_connect(host=169.2.2.22 user=postgres database=xyz
connect_timeout=8);

I'm running Redhat 9 on Postgresql 7.4 and php-pgsql-4.2.2-17.2.

Any idea how the connect_timeout option works on PHP Pgsql?

Thanks,