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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000078150-04-000014.txt : 20040326
<SEC-HEADER>0000078150-04-000014.hdr.sgml : 20040326
<ACCEPTANCE-DATETIME>20040326060111
ACCESSION NUMBER:		0000078150-04-000014
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040326
FILED AS OF DATE:		20040326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHILIPPINE LONG DISTANCE TELEPHONE CO
		CENTRAL INDEX KEY:			0000078150
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03006
		FILM NUMBER:		04691172

	BUSINESS ADDRESS:	
		STREET 1:		RAMON CONJUANGCO BLDG
		STREET 2:		MAKATI AVE
		CITY:			MAKATI METRO MANILA
		STATE:			R6
		ZIP:			0721
		BUSINESS PHONE:		0116328143552

	MAIL ADDRESS:	
		STREET 1:		RAMON CONJUANGCO BLDG
		STREET 2:		MAKATI AVE
		CITY:			MAKATI METRO MANILA
		STATE:			R6
		ZIP:			0721
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ussec_032604.htm
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<div>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">SECURITIES AND EXCHANGE
COMMISSION</p>

<p style="margin-top:0;margin-bottom:0">Washington,
D.C.  20549</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">FORM 6 -K</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">REPORT OF FOREIGN PRIVATE ISSUER</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">PURSUANT TO RULE 13a-16 or 15d-16 OF</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">THE SECURITIES EXCHANGE ACT OF  1934</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Report on Form 6-K dated March 26,
2004</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Commission File No. 1-15024)</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE TELEPHONE
COMPANY</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Name of Registrant)</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">Ramon Cojuangco Building</h1>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Makati Avenue, Makati City</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Philippines       0721</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Address of Principal Executive
Officers)</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">            </p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">            Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                                            Form 20-F:
y                        Form 40-F:  o</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">            Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)
(1):</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                                                       Yes:
o                                    No:  y</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">            Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation by Regulation S-T
Rule 101 (b) (7):</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                                                       Yes:
o                                    No:  y</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                                            </p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">            Indicate by check mark whether the registrant by
furnishing the information contained in this form is also thereby furnishing
the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934:</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                                                       Yes:
o                                    No:  y</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">
</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Enclosure:</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">            A
copy of the disclosure letter we filed today with the Philippine Stock Exchange
and the Securities and Exchange Commission regarding the press releases issued
by Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) and Standard &amp; Poor&#146;s Rating
Services (&#147;S&amp;P&#146;s) pertaining to Moody&#146;s and S&amp;P&#146;s ratings of PLDT&#146;s
senior unsecured debt and preferred stock following the issuance of an
invitation by Smart Communications, Inc. (SMART), a wholly-owned subsidiary of
PLDT, to creditors of its affiliate Pilipino Telephone Corporation (PILTEL) to
offer to sell their PILTEL debt to SMART, subject to certain terms and
conditions.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">            </p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">March 26, 2004</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">SECURITY
 CODE:  CM-040</h3>
 </td>
 </tr>
</table></center></div>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">The Philippine Stock Exchange</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Disclosure Department</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">4<sup>th</sup> Floor PSE Centre</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Exchange Road, Ortigas Center</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Pasig City</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Attention:        Mr. Jose G. Cervantes</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                        <u>Senior Vice President </u></p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Ladies and Gentlemen:</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Enclosed is a copy of a Current Report under Section 17 of
the Securities Regulation Code (&#147;SRC&#148;) with press releases issued by Moody&#146;s
Investors Service (Moody&#146;s) and Standard &amp; Poor&#146;s Rating Services
(S&amp;P&#146;s) attached thereto.  The press releases pertain to Moody&#146;s and
S&amp;P&#146;s ratings of PLDT&#146;s senior unsecured debt and preferred stock following
the issuance of an invitation by Smart Communications, Inc. (SMART), a
wholly-owned subsidiary of PLDT, to creditors of its affiliate Pilipino
Telephone Corporation (PILTEL) to offer to sell their PILTEL debt to SMART,
subject to certain terms and conditions.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Respectfully yours,</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">MA. LOURDES C. RAUSA-CHAN</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">MLCRC:amq</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Encs.</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<br clear=all
style='page-break-before:always'>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">March 26, 2004</h6>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">SECURITIES
&amp; EXCHANGE COMMISSION</p>

<p style="margin-top:0;margin-bottom:0">Money
Market Operations Department</p>

<p style="margin-top:0;margin-bottom:0">SEC
Building, EDSA</p>

<p style="margin-top:0;margin-bottom:0">Mandaluyong
City</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Attention         :           Director
Justina F. Callangan</p>

<p style="margin-top:0;margin-bottom:0">                                    Corporations
Finance Department</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Gentlemen:</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Re       :           Philippine Long Distance Telephone
Company</p>

<p style="margin-top:0;margin-bottom:0">                        SEC
Registration No. PW-55</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">In
accordance with Section 17.1 (b) of the Securities Regulation Code, we submit
herewith five (5) copies of a Current Report with press releases issued by
Moody&#146;s Investors Service (Moody&#146;s) and Standard &amp; Poor&#146;s Rating Services
(S&amp;P&#146;s) attached thereto.  The press releases pertain to Moody&#146;s and
S&amp;P&#146;s ratings of PLDT&#146;s senior unsecured debt and preferred stock following
the issuance of an invitation by Smart Communications, Inc. (SMART), a
wholly-owned subsidiary of PLDT, to creditors of its affiliate Pilipino
Telephone Corporation (PILTEL) to offer to sell their PILTEL debt to SMART,
subject to certain terms and conditions.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Very
truly yours,</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">MA.
LOURDES C. RAUSA-CHAN</p>

<p style="margin-top:0;margin-bottom:0">Corporate
Secretary</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">MLCRC:amq</p>

<p style="margin-top:0;margin-bottom:0">Encs.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<br
clear=all style='page-break-before:always'>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                                            SECURITIES
AND EXCHANGE COMMISSION</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                                                CURRENT
REPORT UNDER SECTION 17</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                                        OF
THE SECURITIES REGULATION CODE (&#147;SRC&#148;)</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-indent:-.5in' style="margin-top:0;margin-bottom:0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26 March 2004</p>

<p style='margin-left:.5in;text-align:justify' style="margin-top:0;margin-bottom:0">(Date of
earliest event reported)</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-indent:-.5in' style="margin-top:0;margin-bottom:0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SEC Identification Number  PW-55</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-indent:-.5in' style="margin-top:0;margin-bottom:0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BIR Tax Identification No. 000-488-793</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-indent:-.5in' style="margin-top:0;margin-bottom:0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PHILIPPINE
LONG DISTANCE TELEPHONE COMPANY                                            </p>

<p style="margin-top:0;margin-bottom:0">            Exact
name of registrant as specified in its charter</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-indent:-.5in' style="margin-top:0;margin-bottom:0">5.         PHILIPPINES
6. _____________ (SEC Use Only)  </p>

<p style='margin-left:.5in;text-indent:-.5in' style="margin-top:0;margin-bottom:0">           Province, country or
other jurisdiction          Industry Classification Code</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">           of Incorporation</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">7.         10<sup>th</sup> Floor PLDT
Tower I, Ayala Avenue, Makati City                  1200 </p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">            Address of principal
office                                                               Postal
Code</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">8.         (632)
814-3664                                           </p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">
Registrant's telephone number, including area code</h4>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">9.         Not
Applicable                                                               </p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">            Former name or former
address, if changed since last report</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">10.       Securities registered
pursuant to Sections 8 and 12 of the SRC</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">            Title of Each Class
          Number of Shares of Common Stock</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">
          Licensed and Amount of Debt Outstanding</p>

<p style='margin-left:.5in;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Attached hereto are press releases issued by Moody&#146;s
Investors Service (Moody&#146;s) and Standard &amp; Poor&#146;s Rating Services
(S&amp;P&#146;s) attached thereto.  The press releases pertain to Moody&#146;s and
S&amp;P&#146;s ratings of PLDT&#146;s senior unsecured debt and preferred stock following
the issuance of an invitation by Smart Communications, Inc. (SMART), a
wholly-owned subsidiary of PLDT, to creditors of its affiliate Pilipino
Telephone Corporation (PILTEL) to offer to sell their PILTEL debt to SMART,
subject to certain terms and conditions.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">SIGNATURE</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">            Pursuant
to the requirements of the Securities Regulation Code, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereto duly
authorized.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">TELEPHONE COMPANY</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">MA. LOURDES C. RAUSA-CHAN</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>
 </td>
 </tr>
</table></center></div>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Date:  26 March 2004</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">Distribution Copies:  5 copies &#150; Securities
&amp; Exchange Commission</h6>

<p style='text-align:justify;text-indent:.5in' style="margin-top:0;margin-bottom:0">                        1 copy    -
Philippine Stock Exchange</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                                    1 copy    - Company
Secretary</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">MOODY'S
AFFIRMS PLDT'S Ba2 SENIOR UNSECURED RATING AND B1 PREFERRED STOCKRATING</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Hong Kong, March 23, 2004 -- Moody's Investors Service today
affirmed Philippine Long Distance Telephone Company's (PLDT) Ba2 senior
unsecured debt rating with a negative outlook and its B1 preferred stock rating
with a stable outlook. The rating affirmation follows the issuance of an
invitation by its 100% cellular subsidiary, Smart Communications, Inc's (&quot;Smart&quot;),
to creditors of its affiliate, Pilipino Telephone Corporation
(&quot;Piltel&quot;) to offer to sell their Piltel debt to Smart, subject to
certain terms and conditions. Piltel is the third largest cellular operator in
the Philippines, currently owned 45% by PLDT. It is expected that following the
successful completion of the debt exchange transaction, that PLDT's ordinary
and preferred stock holding in Piltel will transfer to Smart and that Smart
will move to majority ownership in Piltel.</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">The negative outlook for the Ba2 senior unsecured debt
rating reflects the negative outlook for the Philippines' Ba2 foreign currency
sovereign rating.</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Moody's says that the transaction would increase PLDT's
consolidated leverage as debt at Smart would rise and interest coverage would
be adversely affected. However, Moody's says that the impact on the credit
metrics of PLDT is acceptable within the current rating. The range of increase
in leverage will vary as there are a number of ways in which Piltel creditors
can exchange their debt at various discounts to face value. The rating however
will be unaffected whichever choice creditors accept. However if the offer
terms would be substantially amended such that the cost of the transaction to
Smart would increase, Moody's would revisit the impact on PLDT's rating.</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Moody's notes that PLDT's wireless business should benefit
from the closer operational alignment of Smart and Piltel. Furthermore, Piltel
has significant tax losses, which would become available to the PLDT group once
the former is consolidated.</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Moody's understands that the Smart offer is conditional upon
various requirements, including minimum acceptance levels, Smart obtaining the
necessary amendments and waivers from the creditors of its own debt and
approval from PLDT and Smart's Boards of Directors.</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Moody's notes that the level of debt at the Smart level will
increase to the range of 20 to 25% of total debt of PLDT and Smart after taking
into consideration the debt increase due to the Piltel transaction. This structural
subordination of PLDT creditors to Smart creditors is not material enough to
justify a change in PLDT's current rating. PLDT generates substantial operating
cashflows of its own with over 40% of group EBITDA in 2003 being generated by
the PLDT fixed line business. Nevertheless further increases in debt at the
Smart level or an IPO of Smart have the potential to negatively impact the
rating.</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">The ratings reflect PLDT's healthy free cash flow generating
ability, supported by its stable fixed-line business, strong growth at Smart,
and lower capital expenditure requirements following the completion of its
infrastructure build-out. At the same time, the ratings reflect PLDT's role as
a leading integrated telecommunications provider in the Philippines with
significant market share and strong EBITDA margins.</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">PLDT's 12-month consolidated results in 2003 remained
robust, primarily driven by the strong growth of Smart, even though fixed-line
growth was pretty much flat. Smart and Talk 'N Text together added a historic
high of 1.4 million subscribers in 4Q 2003. Consolidated EBITDA grew 30% to
P58.5Bn as of December 2003 with EBITDA margin improving to 59.9% from 56% in
FY 2002. </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">However, the ratings continue to reflect PLDT's relatively
high leverage, exposure to Peso/USD exchange rate movements and vulnerability
to adverse political and regulatory developments in the Philippines.</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Philippine Long Distance Telephone Company, based in Manila,
Philippines is the principal supplier of telecommunications services in that
country.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Contacts:</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Sydney                                                                       Hong
Kong</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Brian Cahill                                                                Mable
Chan</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Managing Director                                                    Vice
President &#150; Senior Analyst</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Corporate Finance Group                                        Corporate
Finance Group</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">Moody's Investors Service Pty Ltd              Moody's Asia
Pacific Ltd.</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">612 9270 8100                                                         Telephone:
852-2509-0200</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">                                                                                    Facsimile:
852-2509-0165</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='line-height:14.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='line-height:14.0pt' style="margin-top:0;margin-bottom:0">BULLETIN: Philippines' PLDT Invites Offer From Piltel
Creditors; No Rtg Impact</p>

<p style='line-height:14.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='line-height:14.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">SINGAPORE
(Standard &amp; Poor's) March 23, 2004--Standard &amp; Poor's Ratings Services
said today that the invitation issued by Smart Communications, Inc. (Smart) to
its affiliate Pilipino Telephone Co.&#146;s (Piltel) creditors to offer to sell
their debt in Piltel does not in itself have an impact on Philipppine Long
Distance Telephone Co.'s (PLDT, BB/Stable/--) credit rating or outlook. Smart,
a wholly owned subsidiary of PLDT, provides cellular telecommunication services
in the Philippines. </p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">            Smart
has invited Piltel&#146;s creditors to offer to sell their Piltel debt through a
number of debt exchange options. These options are designed to enable Smart to
buy Piltel&#146;s debt at about 50%-55% of its book value of Philippine peso (PHP)
23 billion (US$418 million). Smart plans to proceed with the transaction if at
least 75% of Piltel&#146;s existing creditors (by value) agree to sell their debt
using one of these options. The PLDT group currently holds 45% of Piltel&#146;s
common equity. It also holds 59 million convertible preferred shares (CPS) in
Piltel. Assuming the conversion of all these CPSs into common equity, PLDT&#146;s
equity interest in Piltel will increase to about 92%.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">            The
increase in PLDT group&#146;s consolidated debt following purchase of Piltel debt
will not have a significant impact on its financial profile; at Dec. 31, 2003,
PLDT group had debt and debt-like liabilities of about PHP213 billion, compared
with the likely incremental debt of PHP10 billion&#151;PHP15 billion due to this
transaction. Also, the increase in debt will be partly offset by an increase in
the group&#146;s operating cash flows after PLDT increases its equity in Piltel. For
the year ended December 2003, Piltel had an EBITDA of PHP1.2 billion, compared
with PLDT group&#146;s PHP57.3 billion. Furthermore, PLDT might get some benefit
from Piltel&#146;s accumulated tax credits of about PHP14 billion. Standard &amp;
Poor's rating on PLDT has always factored in an element of potential support to
Piltel.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Contacts:        Sharad
Jain, Singapore (65) 6239-6340;</p>

<p style="margin-top:0;margin-bottom:0">                        Yasmin
Wirjawan, (65) 6239-6302.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;line-height:normal' style="margin-top:0;margin-bottom:0">                                                                                                                                                                              </p>

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<p style="margin-top:0;margin-bottom:0"><b>SIGNATURES</b></p>

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<p style="margin-top:0;margin-bottom:0">            Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant had duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.</p>

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<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">                                PHILIPPINE
LONG DISTANCE TELEPHONE COMPANY</h2>

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<p style='text-align:justify' style="margin-top:0;margin-bottom:0">
By:  <b>MA.
LOURDES C. RAUSA-CHAN</b></p>

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Corporate Secretary</h6>

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<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">Date:  March 26, 2004</h6>

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<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">   </h1>

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