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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000078150-04-000036.txt : 20040702
<SEC-HEADER>0000078150-04-000036.hdr.sgml : 20040702
<ACCEPTANCE-DATETIME>20040702062519
ACCESSION NUMBER:		0000078150-04-000036
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040702
FILED AS OF DATE:		20040702

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:		04896918

	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_piltel.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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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">&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 July 2, 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 align=center style='text-align:center' 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="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='margin-left:0in;text-align:justify;
text-indent:.5in' style="margin-top:0;margin-bottom:0">A copy of the press release
that is being issued today by Philippine Long Distance Telephone Company,
entitled &#147;Piltel Debt Exchange Transaction Closes; Smart Purchases PLDT&#146;s
Series K Preferred Shares in Piltel&#148;.</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="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>

<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 style='height:12.6pt'>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:12.6pt'>
 <p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">July 2, 2004</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:12.6pt'>
 <p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">SECURITY CODE:  CM-040</p>
 </td>
 </tr>
</table></center></div>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">The Philippine
Stock Exchange</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">Listing and
Disclosure Group</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">4th
Floor Philippine Stock Exchange Centre</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">Exchange Road,
Ortigas Center</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">Pasig City</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">Attention:      Ms.
Jurisita M. Quintos</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">                       Senior
Vice President</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">Ladies and
Gentlemen:</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">We refer to your fax
letter of even date requesting us to confirm the veracity of the information
contained in the news article entitled &#147;PLDT agrees to sell Piltel stake to
Smart&#148;, published in today&#146;s issue of The Philippine Star (Internet Edition).</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify;text-autospace:
none' style="margin-top:0;margin-bottom:0">Attached
is a press announcement that addresses the matters set out in the above news
report.</p>

<p style='margin-left:4.5pt;text-align:justify;text-autospace:
none' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify;text-autospace:
none' style="margin-top:0;margin-bottom:0">In
addition, we advise that Smart Communications, Inc. is presently clarifying the
necessity of and, if applicable, the timing and other requirements relating to
a tender offer.</p>

<p style='margin-left:4.5pt;text-align:justify;text-autospace:
none' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">Thank you.</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">Very truly yours,
</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">MA. LOURDES C.
RAUSA-CHAN</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>

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

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

<p style='margin-left:9.0pt;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">July 2, 2004 </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">Corporate
Finance 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         :           Atty.
Justina F. Callangan</p>

<p style="margin-top:0;margin-bottom:0">                                    Director,
Corporate 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-left:4.5pt' style="margin-top:0;margin-bottom:0">In accordance with
Section 17 1(b) of the Securities Regulation Code, we are submitting herewith
five (5) copies of our letter dated July 2, 2004 to the Philippine Stock
Exchange, Inc. with an accompanying press announcement in connection with the
news article entitled &#147;PLDT agrees to sell Piltel stake to Smart&#148;, published in
today&#146;s issue of The Philippine Star (Internet Edition).</p>

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

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">Thank you.</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">Very truly yours,</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">MA. LOURDES C.
RAUSA-CHAN</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0"> </p>

<p style='margin-left:4.5pt;text-align:justify' style="margin-top:0;margin-bottom:0">Encs.</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='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 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">SECURITIES AND EXCHANGE COMMISSION</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">SEC FORM 17-C</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">CURRENT REPORT UNDER SECTION 17</p>

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">AND SRC RULE 17.2(C) THEREUNDER</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='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;
2 July 2004</p>

<p style='margin-left:.5in;text-align:justify' style="margin-top:0;margin-bottom:0">Date of Report (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.         Ramon
Cojuangco Building, Makati 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; 814-3552                                           </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='margin-left:.5in;text-align:justify;text-indent:-.5in' style="margin-top:0;margin-bottom:0">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Securities registered pursuant to Sections 8 of the
Securities Regulation 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">            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-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-left:4.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:4.5pt' style="margin-top:0;margin-bottom:0">           Attached hereto
is a copy of our letter to the Philippine Stock Exchange, Inc. dated July 2,
2004 with an accompanying press announcement in connection with the news
article entitled &#147;PLDT agrees to sell Piltel stake to Smart&#148;, published in
today&#146;s issue of The Philippine Star (Internet Edition).</p>

<p style='margin-left:4.5pt' 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">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='margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Corporate
 Secretary</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</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">Date: 2 July 2004</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">Distribution Copies:  5 copies &#150;
Securities &amp; Exchange Commission</p>

<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='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 align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><img width=633 height=72
src="ussec_piltel001.gif">&nbsp;</p>

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

<br clear=ALL>

<p align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center' style="margin-top:0;margin-bottom:0"><b><u>PILTEL DEBT
EXCHANGE TRANSACTION CLOSES;</u></b></p>

<p align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center' style="margin-top:0;margin-bottom:0"><b><u>SMART
PURCHASES PLDT&#146;S SERIES K PREFERRED SHARES IN PILTEL</u></b></p>

<p align=center style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:center' style="margin-top:0;margin-bottom:0"><b><u>&nbsp;</u></b></p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0"><i>&nbsp;</i></p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0"><i>Manila, Philippines, July 2, 2004</i> &#150;
Smart Communications, Inc (&#147;Smart&#148;), a wholly-owned subsidiary of Philippine
Long Distance Telephone Company (&#147;PLDT&#148;) (PSE:TEL) (NYSE:PHI), announced today
that it has successfully closed the Pilipino Telephone Corporation (&#147;Piltel&#148;)
debt exchange transaction. This concludes the process begun in March this year
when Smart invited various creditors of Piltel to exchange their indebtedness
for various types of Smart debt and/or cash.  By the end of the offer period,
Smart had received offers from Piltel&#146;s creditors representing approximately
69.4* per cent in aggregate of the outstanding restructured Piltel debt.  In
addition, it had received, from a significant portion of the Piltel creditors
who did not participate in the transaction, waivers to certain provisions of
the agreements governing Piltel&#146;s restructured indebtedness, allowing Smart to
close the transaction. </p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0">As a result, Smart is now Piltel&#146;s largest creditor, holding US$289*
million of Piltel&#146;s US$417* million restructured debt.  Based on the options
chosen by the participating creditors, Smart has issued to them US$283* million
in new debt and paid US$1.5 million in cash. </p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0">Further, in line with the previously announced intention of Smart to
acquire PLDT&#146;s equity holdings in Piltel, Smart today entered into a Sale and
Purchase Agreement with PLDT to acquire the latter&#146;s 59.3 million Series K
convertible preferred shares in Piltel for P2.066 billion.  At a later
stage, Smart intends to acquire the common shares held by PLDT in Piltel,
thereby consolidating PLDT&#146;s wireless holdings.</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0">Each of the Series K preferred shares is convertible into 170 shares
of the common stock of Piltel. Smart intends to convert, as an initial step,
4.825 million of these 59.3 million preferred shares into 820.25 million common
shares of Piltel.  Such initial conversion will result in Smart owning 32.7 per
cent of Piltel&#146;s expanded common shares and diluting PLDT&#146;s ownership to 30.5
per cent of Piltel. In aggregate therefore, ownership of Piltel by PLDT and
Smart will be 63.2 per cent. The balance of 54.468 million preferred shares
will be converted into common shares after Piltel has increased its authorized
capital stock. On full conversion, PLDT and Smart together would own 92.1 per
cent of the common stock of Piltel.</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0">As disclosed by Piltel on June 30, 2004, Piltel&#146;s Board of Directors
has scheduled a special stockholders&#146; meeting on September 3, 2004 to consider
the proposed increase in Piltel&#146;s authorized capital stock.  </p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0"><i>*Any variations to amounts disclosed in previous statements
are a result of changes in foreign exchange rates.  The final foreign exchange
rates (Japanese Yen to US Dollar and US Dollar to Philippine Peso) were fixed,
based on market rates, on June 30, 2004.</i></p>

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

<p align=center style='text-align:center' 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"><i>This press release may contain some statements which
constitute &#147;forward-looking statements&#148; that are subject to a number of risks
and uncertainties that could affect PLDT&#146;s business and results of operations.
Although PLDT believes that expectations reflected in any forward-looking
statements are reasonable, it can give no guarantee of future performance,
action or events.</i></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">About PLDT</p>

<p style='text-align:justify;line-height:normal' style="margin-top:0;margin-bottom:0">PLDT is the leading telecommunications
provider in the Philippines. Through its three principal business groups &#150;
fixed line, wireless and information and communications technology &#150; PLDT
offers a wide range of telecommunications services across the Philippines&#146; most
extensive fiber optic backbone and fixed line, cellular and satellite network.</p>

<p style='text-align:justify;line-height:normal' style="margin-top:0;margin-bottom:0">PLDT is listed on the Philippine
Stock Exchange (PSE:TEL) and its American depositary shares are listed on the
New York Stock Exchange (NYSE:PHI) and the Pacific Exchange.  PLDT has one of
the largest market capitalizations among Philippine listed companies.</p>

<p style='text-align:justify;line-height:normal' style="margin-top:0;margin-bottom:0">Further information can be obtained
by visiting the web at <u>www.pldt.com.ph.</u></p>

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

<p style='text-align:justify;line-height:normal' style="margin-top:0;margin-bottom:0">Smart is the Philippines&#146; largest
wireless services provider with over 15 million subscribers on its GSM
network.  A wholly-owned subsidiary of PLDT, Smart has introduced
award-winning, world-first wireless services such as Smart Money and Smart
Load.  It is a founding member of the Asian Mobility Initiative which promotes
cooperation in the development of wireless services among its seven member
operators.</p>

<p style='text-align:justify;line-height:normal' style="margin-top:0;margin-bottom:0">Further information can be obtained
by visiting the web at <u>www.smart.com.ph.</u></p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Piltel is the third largest wireless service operator in
the Philippines.  Starting
out as the operator of a lone telephone exchange in 1968, the company is listed
on the Philippine Stock Exchange (PSE:PLTL). </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">Piltel services over 3 million subscribers on its prepaid
GSM service, <i>Talk &#145;N Text</i>, which operates under a reseller arrangement
with Smart.  The Company also operates local exchange services in selected
Luzon and Mindanao areas.                 </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>

<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">SIGNATURES</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 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>

<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 align=right style='text-align:right' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">                                PHILIPPINE LONG DISTANCE
TELEPHONE COMPANY</h2>

<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">
By:  MA. LOURDES C. RAUSA-CHAN</p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">
                                                          Corporate Secretary</h6>

<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" style="margin-top:0;margin-bottom:0">Date:  July 2, 2004</h6>

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

<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>

</body>

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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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