MANILA (BLOOMBERG) - The Philippines has addressed most of an inter-governmental group's recommendations to counter money laundering and terrorism financing but there are still deficiencies, the local watchdog said after the nation was placed under increased monitoring.

While the Philippines has been able to "largely address" the Financial Action Task Force's recommendations, there remain 18 points it must comply with to avoid sanctions, the nation's Anti-Money Laundering Council said in a statement on Saturday (June 26).

The task force, a global body that monitors money laundering, last week named the Philippines, Malta, Haiti and South Sudan as countries that need increased monitoring.

"The relevant government and law-enforcement agencies' sustained pledge to implement the 18 action plans within the prescribed timelines will be essential to the country's removal," the council, headed by the central bank, said.

If the Philippines fails to meet the task force's deadlines, the group could call on other countries to impose counter measures on Manila, according to the local council's statement.

The nation is required to submit progress reports three times a year, it said.