The government’s economic growth target for the Philippines next year looks ambitious in the face of persistent inflationary pressures, banking giant Standard Chartered Bank said.

“The government maintained its 2015 GDP [gross domestic product] growth target range of 7 to 8 percent in the [2015 proposed] budget. This looks ambitious to us when combined with the central bank’s 2 to 4 percent inflation target for next year,” StanChart said in its Global Research report released on Monday.

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