MANILA - THE PHILIPPINES said on Friday it would take needed steps to be stricken from a list of four nations blacklisted by the Organization for Economic Cooperation and Development as uncooperative tax havens.

At the behest of the Group of 20 leaders meeting in London, the OECD named the Philippines, Uruguay, Costa Rica and the Malaysian territory of Labuan as the worst offenders, saying they had refused to adopt new rules on financial openness.

The list was made public as G-20 leaders from rich and developing nations declared at their summit Thursday that the age of banking secrecy was over, saying they would no longer tolerate shady havens draining away badly needed tax revenue.

'The Philippine government would take the necessary steps to ensure we meet their expectations,' said Trade Secretary Peter Favila, also a member of the central bank's policy-making Monetary Board. 'It is really up to us to prove them wrong.'

Finance Secretary Margarito Teves said the government has a strong record of compliance with international financial and governance standards but international commitments 'should always be seen with respect to the local laws presently enforced in a sovereign country such as the Philippines.'

Existing domestic laws may have limitations that need to be reviewed by Congress, he said.

The move by the G-20 reflects mounting concern that banking secrecy in tax havens has helped to worsen the economic crisis by disguising the true value of some global assets.

Anti-poverty activists say such places provide corrupt officials places to stash illicit funds, often depriving poor nations of needed resources. -- AP