-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PM7yHhHHmM5G5CAf9rzBHXgKQm8lDZnDkLTgOPCuuT0CcRohD5TSpUeRPCShCDz6
 JaYAXEeWoFltlON98oqygA==

<SEC-DOCUMENT>0000078150-05-000015.txt : 20050301
<SEC-HEADER>0000078150-05-000015.hdr.sgml : 20050301
<ACCEPTANCE-DATETIME>20050301063042
ACCESSION NUMBER:		0000078150-05-000015
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050301
FILED AS OF DATE:		20050301
DATE AS OF CHANGE:		20050301

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:		05647886

	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>fs_ussec.htm
<DESCRIPTION>DISCLOSURE LETTER
<TEXT>
<html>

<head>
<meta content="text/html; charset=windows-1252">
<meta name=Generator content="Microsoft Word 10 (filtered)">
<title>fs_ussec</title>

<!--
 /* Font Definitions */
 @font-face
	{font-family:Wingdings;
	panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:Batang;
	panose-1:2 3 6 0 0 1 1 1 1 1;}
@font-face
	{font-family:"Arial Unicode MS";
	panose-1:2 11 6 4 2 2 2 2 2 4;}
@font-face
	{font-family:"Courier Bold";
	panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:"Bookman Old Style";
	panose-1:2 5 6 4 5 5 5 2 2 4;}
@font-face
	{font-family:"CG Omega";
	panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:Garamond;
	panose-1:2 2 4 4 3 3 1 1 8 3;}
@font-face
	{font-family:"\@Batang";
	panose-1:2 3 6 0 0 1 1 1 1 1;}
@font-face
	{font-family:"\@Arial Unicode MS";
	panose-1:2 11 6 4 2 2 2 2 2 4;}
 /* Style Definitions */
 p.MsoNormal, li.MsoNormal, div.MsoNormal
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
h1
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.1pt;
	layout-grid-mode:line;
	text-decoration:underline;}
h2
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.1pt;
	layout-grid-mode:line;}
h3
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:right;
	page-break-after:avoid;
	font-size:8.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.1pt;
	layout-grid-mode:line;}
h4
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	page-break-after:avoid;
	font-size:11.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.1pt;
	layout-grid-mode:line;}
h5
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	page-break-after:avoid;
	font-size:11.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.1pt;
	layout-grid-mode:line;
	font-weight:normal;
	text-decoration:underline;}
h6
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Bookman Old Style";
	layout-grid-mode:line;
	font-weight:normal;}
p.MsoHeading7, li.MsoHeading7, div.MsoHeading7
	{margin:0in;
	margin-bottom:.0001pt;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"CG Omega";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoHeading8, li.MsoHeading8, div.MsoHeading8
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-indent:.5in;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";
	letter-spacing:-.1pt;
	layout-grid-mode:line;}
p.MsoHeading9, li.MsoHeading9, div.MsoHeading9
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:11.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.15pt;
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoIndex1, li.MsoIndex1, div.MsoIndex1
	{margin-top:0in;
	margin-right:.5in;
	margin-bottom:0in;
	margin-left:1.0in;
	margin-bottom:.0001pt;
	text-indent:-1.0in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoIndex2, li.MsoIndex2, div.MsoIndex2
	{margin-top:0in;
	margin-right:.5in;
	margin-bottom:0in;
	margin-left:1.0in;
	margin-bottom:.0001pt;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoToc1, li.MsoToc1, div.MsoToc1
	{margin-top:24.0pt;
	margin-right:.5in;
	margin-bottom:0in;
	margin-left:.5in;
	margin-bottom:.0001pt;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoToc2, li.MsoToc2, div.MsoToc2
	{margin-top:0in;
	margin-right:.5in;
	margin-bottom:0in;
	margin-left:1.0in;
	margin-bottom:.0001pt;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoToc3, li.MsoToc3, div.MsoToc3
	{margin-top:0in;
	margin-right:.5in;
	margin-bottom:0in;
	margin-left:1.5in;
	margin-bottom:.0001pt;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoToc4, li.MsoToc4, div.MsoToc4
	{margin-top:0in;
	margin-right:.5in;
	margin-bottom:0in;
	margin-left:2.0in;
	margin-bottom:.0001pt;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoToc5, li.MsoToc5, div.MsoToc5
	{margin-top:0in;
	margin-right:.5in;
	margin-bottom:0in;
	margin-left:2.5in;
	margin-bottom:.0001pt;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoToc6, li.MsoToc6, div.MsoToc6
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:.5in;
	margin-bottom:.0001pt;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoToc7, li.MsoToc7, div.MsoToc7
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:.5in;
	margin-bottom:.0001pt;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoToc8, li.MsoToc8, div.MsoToc8
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:.5in;
	margin-bottom:.0001pt;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoToc9, li.MsoToc9, div.MsoToc9
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:.5in;
	margin-bottom:.0001pt;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoFootnoteText, li.MsoFootnoteText, div.MsoFootnoteText
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:12.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;}
p.MsoHeader, li.MsoHeader, div.MsoHeader
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoFooter, li.MsoFooter, div.MsoFooter
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoCaption, li.MsoCaption, div.MsoCaption
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:12.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;}
span.MsoFootnoteReference
	{vertical-align:super;}
span.MsoEndnoteReference
	{vertical-align:super;}
p.MsoEndnoteText, li.MsoEndnoteText, div.MsoEndnoteText
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:12.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;}
p.MsoToaHeading, li.MsoToaHeading, div.MsoToaHeading
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoTitle, li.MsoTitle, div.MsoTitle
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	font-size:16.0pt;
	font-family:Garamond;
	letter-spacing:-.15pt;
	font-weight:bold;}
p.MsoBodyText, li.MsoBodyText, div.MsoBodyText
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	font-size:12.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.1pt;
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoBodyTextIndent, li.MsoBodyTextIndent, div.MsoBodyTextIndent
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:.5in;
	margin-bottom:.0001pt;
	text-align:justify;
	font-size:11.0pt;
	font-family:Arial;
	letter-spacing:-.15pt;}
p.MsoSubtitle, li.MsoSubtitle, div.MsoSubtitle
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	font-size:12.0pt;
	font-family:"Times New Roman";
	font-weight:bold;}
p.MsoBodyText2, li.MsoBodyText2, div.MsoBodyText2
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	font-size:11.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.1pt;
	layout-grid-mode:line;}
p.MsoBodyText3, li.MsoBodyText3, div.MsoBodyText3
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	font-size:12.0pt;
	font-family:Arial;
	layout-grid-mode:line;}
p.MsoBodyTextIndent2, li.MsoBodyTextIndent2, div.MsoBodyTextIndent2
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:.25in;
	margin-bottom:.0001pt;
	text-align:center;
	font-size:12.0pt;
	font-family:"Bookman Old Style";}
p.MsoBodyTextIndent3, li.MsoBodyTextIndent3, div.MsoBodyTextIndent3
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:.5in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;
	layout-grid-mode:line;}
p.MsoBlockText, li.MsoBlockText, div.MsoBlockText
	{margin-top:0in;
	margin-right:.5in;
	margin-bottom:0in;
	margin-left:.5in;
	margin-bottom:.0001pt;
	text-align:justify;
	font-size:11.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.1pt;
	layout-grid-mode:line;
	font-style:italic;}
a:link, span.MsoHyperlink
	{color:blue;
	text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
	{color:purple;
	text-decoration:underline;}
span.Document4
	{font-style:italic;}
span.Document2
	{font-family:"Courier Bold";
	font-weight:bold;}
span.Document3
	{font-family:"Courier Bold";
	font-weight:bold;}
p.Document1, li.Document1, div.Document1
	{margin:0in;
	margin-bottom:.0001pt;
	page-break-after:avoid;
	font-size:10.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;
	font-weight:bold;}
span.TechInit
	{font-family:"Courier Bold";
	font-weight:bold;}
span.Technical2
	{font-family:"Courier Bold";
	font-weight:bold;}
span.Technical3
	{font-family:"Courier Bold";
	font-weight:bold;}
span.Technical1
	{font-family:"Courier Bold";
	font-weight:bold;}
p.4BODY, li.4BODY, div.4BODY
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:12.0pt;
	margin-left:0in;
	line-height:18.0pt;
	font-size:12.0pt;
	font-family:Garamond;}
p.5MORE, li.5MORE, div.5MORE
	{margin-top:6.0pt;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:0in;
	margin-bottom:.0001pt;
	text-align:center;
	font-size:12.0pt;
	font-family:Garamond;}
p.Body, li.Body, div.Body
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:7.0pt;
	margin-left:0in;
	font-size:10.0pt;
	font-family:Arial;}
p.Default, li.Default, div.Default
	{margin:0in;
	margin-bottom:.0001pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;
	color:black;}
p.CM1, li.CM1, div.CM1
	{margin:0in;
	margin-bottom:.0001pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM2, li.CM2, div.CM2
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.8pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM3, li.CM3, div.CM3
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:12.65pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM4, li.CM4, div.CM4
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:12.5pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.DeltaViewTableHeading, li.DeltaViewTableHeading, div.DeltaViewTableHeading
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:6.0pt;
	margin-left:0in;
	font-size:12.0pt;
	font-family:Arial;
	font-weight:bold;}
 /* Page Definitions */
 @page Section1
	{size:8.5in 11.0in;
	margin:1.0in 1.0in 1.0in 1.0in;}
div.Section1
	{page:Section1;}
 /* List Definitions */
 ol
	{margin-bottom:0in;}
ul
	{margin-bottom:0in;}
- -->

</head>

<body style='font-family:arial,helvetica,sans-serif;font-size:9pt'  lang=EN-US link=blue vlink=purple>

<div>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;line-height:normal' 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">Washington,
D.C.  20549</p>

<p style='margin-top:0in' 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 1, 2005</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">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">Ramon
Cojuangco Building</p>

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

<p style='text-align:justify;text-indent:.5in' 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 align=center style='text-align:center' 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='margin-left:144.9pt;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">Form 20-F:  y</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">Form 40-F:  o</p>
 </td>
 </tr>
</table></center></div>

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

<p style='text-align:justify;text-indent:.5in' 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 align=center style='text-align:center' 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='margin-left:144.9pt;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">Yes:  o</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">No:  y</p>
 </td>
 </tr>
</table></center></div>

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

<p style='text-align:justify;text-indent:.5in' 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 align=center style='text-align:center' 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='margin-left:144.9pt;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">Yes:  o</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">No:  y</p>
 </td>
 </tr>
</table></center></div>

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

<p style='text-align:justify;text-indent:.5in' 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 align=center style='text-align:center' 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='margin-left:144.9pt;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">Yes:  o</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">No:  y</p>
 </td>
 </tr>
</table></center></div>

<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='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">Enclosure:</p>

<p style='text-align:justify;text-indent:42.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-indent:42.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-indent:42.0pt' 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 (the &#147;Company&#148;), regarding the 2004 audited financial results of the
Company.</p>

<p style='text-align:justify;text-indent:42.0pt' 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='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=left style='margin-top:0in;text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;line-height:normal' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:3.0in;text-align:justify;text-indent:
..25in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in' 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">&nbsp;</h1>

<p align=right style='text-align:right' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h1>

<p align=right style='text-align:right' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h1>

<p align=right style='text-align:right' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">Security Code # CM-040</h1>

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

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

<p style='margin-left:3.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">March 1, 2005</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">Philippine Stock Exchange</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">4/F Philippine Stock Exchange
Center</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 align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Attention:
Ms. Jurisita M. Quintos</p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">                                                                    <u>SVP
&#150; Operations Group </u></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">Gentlemen:</p>

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

<p style="margin-top:0;margin-bottom:0">            In accordance with Section 17.1 (b) and Section 17.3 of the
Securities Regulation Code, we submit herewith a copy of SEC From 17-C with a
press release attached thereto regarding the 2004 audited financial results of
the Company.</p>

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

<p style="margin-top:0;margin-bottom:0">            This shall also serve as the disclosure letter for the
purpose of complying with PSE Revised Disclosure Rules.</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='width:479.4pt;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">&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">Very
 truly yours,</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">PHILIPPINE LONG DISTANCE TELEPHONE COMPANY</h3>
 <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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">MA. LOURDES C. RAUSA-CHAN</h2>
 <p align=center style='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='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" style="margin-top:0;margin-bottom:0">&nbsp;</h1>

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

<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">&nbsp;</h1>

<p style='margin-left:3.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">March 1, 2005</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">Securities &amp; Exchange
Commission</p>

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

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Mandaluyong City</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" style="margin-top:0;margin-bottom:0">Attention:  Director Justina
F. Callangan</h3>

<p style='margin-left:175.5pt' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">Corporations Finance Department</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">Gentlemen:</p>

<p style='text-align:justify' 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 Securities
Regulation Code and SRC Rule 17.1, we submit herewith five (5) copies of SEC
Form 17-C with a press release attached thereto regarding the 2004 audited
financial results of the Company.</p>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:459.9pt;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">&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">Very
 truly yours,</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">PHILIPPINE LONG DISTANCE TELEPHONE COMPANY</h3>
 <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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">MA. LOURDES C. RAUSA-CHAN</h2>
 <p align=center style='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='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"> </p>

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

<p align=center style='text-align:center' 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=1 cellspacing=0 cellpadding=0  style='width:454.5pt;margin-left:.2in;border-collapse:collapse;border:none'>
 <tr>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=2><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">P</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">W</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">-</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">5</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">5</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=7 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">S.E.C. Registration
 No.</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

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

<div align=center>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">P</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">H</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">I</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">L</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">I</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">P</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">P</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">I</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">N</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">E </p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"> </p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">L</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">O</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">N</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">G</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">D</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">I</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">S</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">T</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">A</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">N</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">C</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">E</p>
 </td>
 </tr>
</table></center></div>

</div>

<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=1 cellspacing=0 cellpadding=0
 style='margin-left:9.9pt;border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">T</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">E</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">L</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">E</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">P</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">H</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">O</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">N</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">E</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">C</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">O</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">M</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">P</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">A</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">N</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">Y</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Company&#146;s Full Name)</p>

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

<div align=center>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0  style='width:469.05pt;border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">R</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">A</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">M</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">O</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">N</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"> C</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">O</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">J</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">U</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">A</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">N</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">G</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">C</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">O</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">B</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">L</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">D</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">G</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">.</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

</div>

<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=1 cellspacing=0 cellpadding=0
 style='margin-left:9.9pt;border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">M</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">A</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">K</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">A</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">T</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">I</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">A</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">V</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">E</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">.</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">M</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">A</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">K</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">A</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">T</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">I</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">C</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">I</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">T</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">Y</p>
 </td>
 </tr>
</table></center></div>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Business Address: No.
Street City/Town/Province)</p>

<p align=center style='text-align:center' 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=1 cellspacing=0 cellpadding=0  style='width:477.9pt;border-collapse:collapse;border:none'>
 <tr style='height:15.25pt'>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:15.25pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">ATTY. MA. LOURDES C.
 RAUSA-CHAN</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:15.25pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:15.25pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">814-3552</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='margin-right:.9pt;text-align:center' style="margin-top:0;margin-bottom:0">Contact Person</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='margin-right:.9pt;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='margin-right:.9pt;text-align:center' style="margin-top:0;margin-bottom:0">Company Telephone
 Number</p>
 </td>
 </tr>
</table></center></div>

<p style='margin-right:.9pt' 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=1 cellspacing=0 cellpadding=0  style='width:491.4pt;;border-collapse:collapse;border:none'>
 <tr style='height:13.9pt'>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">1</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">2</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">3</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">1</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <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>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">0</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">6</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;padding:
 0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">Every 2nd</p>
 <p style="margin-top:0;margin-bottom:0">Tuesday</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Month</p>
 </td>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Day</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;padding:
 0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">FORM TYPE</p>
 </td>
 <td  colspan=3 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Month</p>
 </td>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Day</p>
 </td>
 </tr>
 <tr>
 <td  colspan=6 valign=top style=' border:none;padding:
 0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Fiscal Year</p>
 </td>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Annual Meeting</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=3><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<p style='' 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=1 cellspacing=0 cellpadding=0  style='width:6.7in;;border-collapse:collapse;border:none'>
 <tr style='height:16.15pt'>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:16.15pt'>
 <p style="margin-top:0;margin-bottom:0">C</p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt;height:16.15pt'>
 <p style="margin-top:0;margin-bottom:0">F</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:16.15pt'>
 <p style="margin-top:0;margin-bottom:0">D</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt;height:16.15pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:16.15pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">N/A</p>
 </td>
 </tr>
 <tr>
 <td  colspan=5 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Dept. Requiring this Doc.</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style=';text-align:center' style="margin-top:0;margin-bottom:0">Amended Articles</p>
 <p align=center style=';text-align:center' style="margin-top:0;margin-bottom:0">Number/Section</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<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='width:752.25pt;border-collapse:collapse'>
 <tr>
 <td  colspan=3 valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=5 valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Total Amount of
 Borrowings</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">2,200,018</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">As of January 31,
 2005</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=3 valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"> </p>
 <p style="margin-top:0;margin-bottom:0">N/A</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">N/A</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <td  colspan=3 valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Total No. of
 Stockholders</p>
 </td>
 <td  colspan=2 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>
 </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">Domestic</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>
 </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">Foreign</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

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

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">To be
accomplished by SEC Personnel concerned</h1>

<p align=center style='margin-top:6.0pt;text-align:center' 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=1 cellspacing=0 cellpadding=0  style='width:477.9pt;border-collapse:collapse;border:none'>
 <tr>
 <td  colspan=2 valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">______________________________</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <td  colspan=11 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">File Number</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">LCU</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<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>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0  style='width:477.9pt;border-collapse:collapse;border:none'>
 <tr>
 <td  colspan=2 valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">______________________________</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <td  colspan=11 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Document I.D.</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Cashier</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<p style='margin-left:.5in;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=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr style='height:3.5pt'>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:3.5pt'>
 <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">STAMPS</h2>
 <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:6.0pt;text-align:justify' style="margin-top:0;margin-bottom:0">Remarks: Please use
black ink for scanning purposes.</p>

<p style='margin-top:6.0pt;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:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;line-height:normal' style="margin-top:0;margin-bottom:0">&nbsp;</p>

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

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

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

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

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

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

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0">AND SRC RULE 17.1</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-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;&nbsp;
1 March 2005</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;&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;&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;&nbsp;
PHILIPPINE LONG DISTANCE TELEPHONE COMPANY</p>

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

<p style='text-align:justify;text-indent:.5in' 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 align=left style=';text-align:left' 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-left:.5in' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">Issuer'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;text-indent:.5in' 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;&nbsp;
Securities registered pursuant to
Sections 8 and 12 of the Securities Regulation Code and Sections 4 and 8 of the
Revised Securities Act</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='width:437.4pt;margin-left:41.4pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:0in;text-align:left' style="margin-top:0;margin-bottom:0">Title of Each Class</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">Number of Shares of Common Stock</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Outstanding and Amount of Debt Outstanding</p>
 </td>
 </tr>
</table></center></div>

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

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

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

<p style='margin-left:.5in;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=636 height=78
src="fs_ussec001.gif">&nbsp;</p>

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

<br clear=ALL>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>PLDT GROUP REPORTS RECORD PROFIT OF P28
BILLION</u></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>NORMALIZED NET INCOME OF P25
BILLION ALSO A HISTORIC HIGH</u></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>DIVIDEND OF P14/SHARE DECLARED</u></p>

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

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

<ul style='margin-top:0in' type=disc>
 <li style='text-align:justify'>PLDT reports
 consolidated net income of P28 billion for 2004; normalized net
 income at P25.2 billion </li>
 <li style='text-align:justify'>PLDT fulfills commitment
 to restore dividends to common shareholders at P14/share</li>
 <li style='text-align:justify'>Cellular service
 revenues increase 27% on the back of subscriber net additions of over 1.6
 million and 6.2 million for the fourth quarter and full year 2004,
 respectively; combined Smart and Piltel subscriber base at 19.2 million </li>
 <li style='text-align:justify'>PLDT Fixed Line reduces
 debt by US$500 million, ahead of targets</li>
 <li style='text-align:justify'>Consolidated EBITDA
 rises to P70.4 billion; Consolidated EBITDA margin improves to 61%
 of revenues</li>
 <li style='text-align:justify'>Consolidated free cash
 flow reaches P37.3 billion</li>
 <li style='text-align:justify'>Smart pays total cash
 dividend of P16.1 billion to PLDT in 2004 </li>
</ul>

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

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0"><i>MANILA, Philippines, 1st March 2005</i>   &#150;&#150;
Philippine Long Distance Telephone Company (&#147;PLDT&#148;) (PSE: TEL) (NYSE: PHI)
today announced its audited financial results for 2004, with a record reported
net profit of P28 billion.  In addition, the Company&#146;s Board of
Directors also approved the payment of dividends to common shareholders at the
rate of P14/share.  Payment will be made on 12th May to
shareholders of record as of 31st March 2005.  This marks the
resumption of dividend payments to common shareholders since April 2001 when
the last dividend was paid.</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">Cellular subsidiaries, Smart
Communications, Inc. (&#147;Smart&#148;) and Pilipino Telephone Corporation (&#147;Piltel&#148;),
sustained their strong performances and contributed significantly to the rise
in PLDT&#146;s consolidated net income of P28 billion, inclusive of the gain
on the debt exchange transaction completed in July 2004. Normalized consolidated
net income rose to P25.2 billion, 237% over the normalized and restated
net income of P7.5 billion reported in 2003.  Service revenues for the
PLDT Group likewise increased by 14% to P115 billion while consolidated
EBITDA improved to P70.4 billion as cash operating expenses declined by
9%.  These reported financial results and comparative numbers reflect the
impact of adjustments taken as a result of the adoption of all applicable
International Accounting Standards. </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 increase in consolidated free
cash flow, which grew 65% from P22.6 billion in 2003 to P37.3
billion in 2004, enabled the Group to accelerate its deleveraging program. PLDT
Fixed Line reduced its debt by US$500 million in 2004, surpassing both initial
target of US$300 million and the subsequently raised target of US$350
million.   </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"><u>Cellular:
Staying Ahead of Competition</u></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">Despite heightened
competition, Smart and Piltel, together, added more than 6.2 million
subscribers in 2004, bringing the PLDT Group&#146;s total cellular subscribers to
19.2 million and maintaining its market share of about 58%.   Smart added over
4.5 million subscribers while <i>Talk &#145;N Text</i> added 1.7 million subscribers
to end 2004 with 14.6 and 4.6 million subscribers, respectively.  Total net
subscriber additions in 2004 increased by 35%, from 4.6 million last year to
over 6.2 million this year.  In the fourth quarter alone, when a number of
aggressive initiatives were launched by competition, Smart and Piltel added
over 1.7 million subscribers. The cellular penetration rate continues to exceed
expectations, reaching approximately 39% at the end of 2004 although the
existence of subscribers owning multiple SIMs has likely inflated this rate to
a certain extent. </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">More importantly, Smart and
Piltel maintained their share of industry revenues at approximately 59%.
Consolidated cellular revenues and net income continued to rise, with
consolidated service revenues increasing to P67 billion, 27% higher than
the P53 billion realized last year.   Consolidated cellular EBITDA grew
by 31% to P42.5 billion from P32.4 billion mainly due to higher
revenues.  EBITDA margin improved to 63% in 2004 from 61% last year. Normalized
net income nearly doubled to P23.3 billion from P12 billion last
year while free cash flow remained strong at P17.6 billion. Smart paid
an additional cash dividend of P4.8 billion to PLDT in December 2004,
bringing its 2004 total dividend payments to P16.1 billion.  Smart
intends to raise its dividend payment to PLDT to P20 billion in 2005,
subject to securing the relevant approvals from its creditors.</p>

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

<p style="margin-top:0;margin-bottom:0">The consolidated debt position of the wireless group now takes into
account the debts absorbed by Smart arising from the Piltel debt exchange
transaction which closed on 2nd July 2004, as well as the residual
third party debt remaining at Piltel.  Smart completed the conversion of its
Series K convertible preferred shares on 29th December 2004, which
raised its ownership in Piltel to 86.5%, and is in the process of acquiring the
remaining 6.5% common shareholding of PLDT in Piltel. Also in December 2004,
Smart and Piltel entered into a new omnibus agreement which supersedes and
replaces previous management agreements. The omnibus agreement covers the
provision of all the services under the previous agreements, in consideration
of a revenue sharing arrangement of 80-20 in favor of Piltel, a ratio which
allows Smart to largely recover its costs while providing Smart and Piltel with
a more equitable revenue sharing arrangement in the context of the latter&#146;s
increased subscriber base, the resulting economies of scale, as well as
declining network and operating costs per subscriber derived from improvements
in productivity and technology.</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>Smart Padala</i>, the
first international and domestic cash remittance service via text which Smart
launched in August, now services 14 countries, including the United Kingdom,
the United States, Spain, Germany, Canada, Israel, Taiwan, Singapore, Greece,
Hong Kong, Japan, Australia and Brunei.  This breakthrough service allows
overseas Filipino workers to remit money to their relatives in a more economic
and efficient manner.   Over 300,000 remittances have been sent to date via <i>Smart
Padala</i> with transaction values averaging US$100.</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">Smart&#146;s cellular network has
expanded to 36 switches and over 5,200 base stations covering 97% of the
country&#146;s population. Capital expenditures were just under P15 billion
during 2004.</p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&#147;Once again, the mobile
industry is proving to be one of change and challenge. Competition is heating
up and we will address the evolving market dynamics in due course and in our
usual innovative style.  Furthermore, our acquisition of Meridian Telekoms
should position us well for the emerging wireless broadband business,&#148;
explained Napoleon L. Nazareno, President and CEO of PLDT and Smart.  </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=left style='text-align:left' style="margin-top:0;margin-bottom:0"><u>PLDT Fixed Line:
Looking to Redefine Services</u></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 Fixed Line business
remains focused on maintaining the stability of its revenues and containing its
cash operating expenses. Total revenues increased by 3%, from almost P47
billion in 2003 to P48.5 billion in 2004, mainly due to the positive
impact of favorable rate and interconnection changes on NLD revenues and higher
data service revenues.  DSL subscribers numbered almost 50,000 at the end of
2004 from less than 25,000 a year ago and a number of complementary product
offerings are in the pipeline.</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">Cash operating expenses were
down 12% due to a higher level of compensation expenses in 2003 resulting from
the manpower rightsizing program. EBITDA improved 19%, from P22 billion
in 2003 to P26.3 billion in 2004 and the EBITDA margin likewise
increased, to 54% this year from 47% last year.</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">Capital expenditures for 2004
totaled P5.8 billion, most of which were spent to expand PLDT&#146;s DSL and
corporate data services.  </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">As of the end of 2004, PLDT
Fixed Line had 9,692 employees compared with 10,518 employees as of last year.
PLDT Fixed Line reduced headcount by 826 in the year in line with its objective
to right-size its organization.</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">PLDT&#146;s free cash flow in 2004
increased to P35.2 billion, on account of the P16.1 billion
dividends from Smart, the improved Fixed Line EBITDA and a positive change in
working capital.  Accordingly, PLDT Fixed Line was able to reduce debts by
US$500 million during the year, well above the earlier estimate of US$350 million.
As of the end of 2004, PLDT Fixed Line&#146;s debt balance stood at US$1.97
billion.  PLDT Fixed Line expects to continue its aggressive deleveraging in
2005, thereby achieving savings in interest and financing costs and at the same
time, reducing its risk profile.</p>

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

<p style='text-align:justify;text-autospace:none' style="margin-top:0;margin-bottom:0">&quot;We are extremely pleased with the accelerated pace of our debt
reduction program, which has resulted in our debt balance coming in under the
US$2 billion mark, and we are looking to sustain a similar pace in 2005. We
are also poised to launch new products and initiatives this year as we work in
tandem with the wireless side of the business to redefine and revitalize the
fixed line business,&quot; concluded Nazareno.</p>

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

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0"><u>ePLDT:  Growth in
Expansion</u></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">ePLDT, the Group&#146;s
information and communications technology arm, reported a net loss of P695
million for 2004 mainly as a result of a write-down on one of its investments.
Without the write-down, ePLDT would have broken even, as the 42% increase in
service revenues was offset by a 36% increase in cash operating expenses. </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 call center business
continues to flourish, with Vocativ and Parlance increasing their seats by 5%
and 69%, respectively. The call centers generated revenues of P1.2
billion, or 58% of our total ICT service revenues, while the Internet business
increased its revenue contribution to P569 million or 27%.
Consolidated service revenues of ePLDT jumped by 42% in 2004 to P2
billion compared with P1.5 billion last year. With two more call centers
open, ePLDT call centers&#146; capacity was approximately 2,600 seats at the end of
2004 and is expected to grow by another 775 seats by middle of 2005.</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">&#147;Our major participation in
the flourishing call center business and in internet service provision, whether
it be through Infocom or Netopia, plays a key role in fulfilling the PLDT
Group&#146;s vision of making all forms of communications affordable and accessible
to Filipinos everywhere, said Ray C. Espinosa, ePLDT Managing Director.</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=left style='text-align:left' style="margin-top:0;margin-bottom:0"><u>PLDT Group: Pulling In
One Direction </u></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">With 2005 looking to be
another challenging and highly competitive year, the PLDT Group has set for
itself the following objectives:</p>

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

<ul style='margin-top:0in' type=square>
 <li style='text-align:justify'>Continue develeraging
 thrust and increase dividends to common shareholders</li>
 <ul style='margin-top:0in' type=circle>
 <li style='text-align:justify'>Reduce consolidated
 debt by US$500 million</li>
 <li style='text-align:justify'>Achieve a consolidated
 debt-to-EBITDA ratio below 1.5 times by 2006</li>
 <li style='text-align:justify'>Increase common
 dividend payout ratio in 2006 to a minimum of 15% of 2005 EPS</li>
 </ul>
 <li style='text-align:justify'>Maintain market
 leadership by introducing more product innovations</li>
 <li style='text-align:justify'>Commence the upgrade<u> </u>to
 an IP-based network and boost broadband capabilities</li>
 <li style='text-align:justify'>Develop bundled products
 and services across the Group&#146;s various businesses</li>
</ul>

<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">&#147;I am extremely pleased to
announce the restoration of dividends to our common shareholders. While the
present rate of P14 per share is modest, representing approximately a 1%
dividend yield, the successful and continued acceleration of our develeraging
program should allow us to increase this in 2006 and beyond.  The strong
performance of the wireless business continues to drive our profits but we have
begun to look beyond mobile growth and are now focusing on developing new
products and services that capitalize on the Group&#146;s collective assets and
capabilities. The IAS adoption introduces an element of volatility to our
bottom line moving forward but has no effect, of course<u>,</u> on our free
cash flow.  It has always been our goal to return value to our shareholders
once we turned the Company around and our strengthening free cash flow should
enable us to deliver on that promise,&#148; said Manuel V. Pangilinan, PLDT
Chairman.</p>

<p align=center style='text-align:center' 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"><img
width=544 height=363 src="fs_ussec002.gif">&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"><i>&nbsp;</i></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<br clear=ALL>

<p style='margin-left:.75in;text-align:justify;text-indent:
- -.25in' style="margin-top:0;margin-bottom:0"><i>(a)&nbsp;&nbsp; </i><i>Reflects
the adoption of IAS </i></p>

<p style='margin-left:.75in;text-align:justify;text-indent:
- -.25in' style="margin-top:0;margin-bottom:0"><i>(b)&nbsp;&nbsp; </i><i>Reflects
the adoption of IAS and certain adjusting items</i></p>

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

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

<p style="margin-top:0;margin-bottom:0">For further information, please contact:</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">Anabelle
L. Chua                      Anna V. Bengzon                     Ramon R.
Isberto</h2>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Tel
No: 816-8213                    Tel No: 816-8024                    Tel No:
511-3101</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Fax
No: 844-9099                   Fax No: 810-7138                   Fax No:
893-5174</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"><b>About PLDT</b></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 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</u>.</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>

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-indent:3.0in' style="margin-top:0;margin-bottom:0">By:  MA. LOURDES C. RAUSA-CHAN</p>

<p style='text-align:justify;text-indent:3.75in' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>

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

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

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

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">Date:
March 1, 2005</p>

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

</div>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>fs_ussec002.gif
<TEXT>
begin 644 fs_ussec002.gif
M1TE&.#EA(`)K`7<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`0`!``;`E8!@`````````+_A(^IR^T/HYRTVHNSWKS7`(8&J(3D
M89I+ZC'GB<":W-;VC>?ZSO?^WX&1:(!7H'1T)8O+FQ'I:$:EP*KUBLUJM]R6
M\$C\)H@CJHZ,,I<EZ*[[#8_+YW-Q>$E#MU7KKXS/M-:')P)H"*9&I[C(V.CX
M.$88&)E&N:+VQ(0XF=F9-/12*18(F@AYBIJJNKJ1\DDU6GFI)/@D$O-:FSM9
M!BKKR\LJ/$Q<K'H')2B;G.S9*\FYFTFZ^0S<9IRMO<W-@VP9'+YLZ9PF?:Z;
M'IO>W>[^#F_QC:L\#EYNBQZM[CSJ>QLOH,"![>[P8<'L$D!-T(S\`3@-&,-=
M#$69(H@QH\:-_QP[>OP(,J3(D21)NCJ),J7*E2Q;NGP),Z;,F31KVKSILJ3.
M1SA[^OP)-*C0H41O[CR*-*G2I4R;.GT*-2HQ5ZTN*L)&+U(>JPJQ>N$J-:Q(
MKQ`HHB(;+J)76&;/@!4+MR/:!M/.@MWS"NN\N1GXQOU+D,RAA_^:`%+FT/"M
MP\\&T?.C6-PO7H.EQ#I<>5`U:K@@`_[\[EO=7]?,VI%F<1:U:J78M49B69\X
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M*+`)IQ:9-<8<4IA!A*<0YKS9Q2<S%)$FH('MX*6<@F*4CW0S)C5=HIP$BD>?
M-?BI4:$46(H%I1MM:!J1<J$S6BAH8NH%GYN]V8F@E$(T6W$O[KDC@(>JFB*J
MB+A)6)KS`9HKKVC*RFN)>NK:W*P9<7JAIQS_5;B<J"MP$>FC_?FZZJ&HU1>H
MJI"BFFT)IFZK+:1^SJ?IJ>"*&JFS;HI;B[79L@9NI:"6*-E1`JIEV+-;Y.MN
M#'Q2R^ZWW;K+[["ZFE)PN/\J#(:WQ');WL(/\ZMOM,6]VZ^FB#)+6;T^WCL<
MJ3\D/+#%#:]*\JSY_M:'O[&R;#%W*L/B;WC^83P1K8PA9'+*#3]L[$`@M^MQ
M2:\2=YX</KN,\<^FX=SMSTQ+W;&^8R@\\,P.`YUUQA#[VC7.%/_A-=`BLW)T
MAS(K92%G!(8HL+$F@SUNW#.6V_37F`A<;<9UDY/WUE+C/??44`_.;K0:"WVW
MVEDQ2J[:^"EM]]5Y__?-:LFNUCJJL[(6S'FPS6X>]F+_&@<LC8?_.H3?00?T
MVYR/VXF0CK:;6$<<9X_I1%ERQ1GF[J7VCH-5PJ]R//#*+W\*E<X_#WWTTM/$
M_$C37X]]]MH_67WWWG\/?OCBCT]^^>:?CW[ZZJ_/?OONOP]__/+/3W_]]M^/
M?_[Z[\]___[_#\``"G"`!"R@`0^(P`0J<($,;*`#'PC!8^#N4LF+H##V8J+*
M+.HCYK$=BCI8N^>(3%D6-$:,\$0+!R5-7O.*57)<N,(20N5.DX."'DB8C8/D
MHH9#*XN(TB,@.GF03NQ9A@Y;)",4R?!2%_/.%'*6NF6]D(<-N95>%N*H(/]F
M<5&)@=!J7I@?[2SQB>00(QA%%Q*.Z2="1;O=#B411"\:\8U(G)!RDC3&!\PC
M:3_2$PZUH<8NK:=M>O3.9B02JA#*J#`?=)PG=/A'!^YQ1_HQH[S8N,8ZH261
MJ6%'#$>$R,8U"#9Y9,.N`K2BM7&PA3"ZV>SNP4K6L9*0C^Q/A699P01FR%%R
MA.'&,`G'NWFR*RGJU'_<N,?!:$4VH>Q@*0LIPM-`\I0>`2$6S74;)3Y32[ET
M2C>W*:1O,D6<X"RG.<^)SG2J<YWL9,2(]D7.=MH@2314G;UN),@\X7,*EKQ"
M).7IC69=RSY(\M#;W(:7?@+4:%S)T3#'PB)"JN;_DRJRI]M@4TQ5/C*CRVS,
M9=X31]E9D"P.52%('#E(0=;I,77,2RNG*"Q%/90V6KP5&+<H0T7N!X5M_-1,
M0Q9%2AQBE+""T'>0,ZTY.J:'.++I&"<747S&<Q@$94X?$Y$;#>53JH?L*HQV
MQM6+AJ=`/,-C`Z%:Q0%9SZ#CR&09TYH<SM'2JY-\G(5`258E3#5^!OI/72'Z
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MA:^Z*35-7$8+A[C#RX2P2N.2S'[6!<'ZO6-,P^A+%HN0DG`E\`9-:M%.6K,9
MPG(FAYC+S@%G-L*;2FEZ=&Q;*$O9=U,.W_:N/!1B8GG+5:JRE[\,YC"+><QD
M+K.9SXSF-*MYS6QNLYO+_-FB6I2&2+X*%^F96M:^^8):%*A,@;PQN0(5ICG>
M<_^;\%S<MMF7<<[T<RL7;6AW@B?``ZIJI3HVR;X".M+8B9Q9._M:"6LR<L`B
M+J<[K97`9G-:3):@53-$HD*?N@YWYC%T91T/B1;8AMV=-:UGI^E;KQ@><TTA
M,B#MZU\[6KTH/JDH,;H=9"=;=ZX];5GC[.RWHI#.Z)TVL8U49V^+J4CA!BZ7
MSVT4C*)[W2^9,KO?W6YUPWO>+!.WO>^-[WSK>]_\[K>__PWP@`M\X`0ON,$/
MCO"$*WSA#&^XPQ\.\8A+?.(4K[A>.6QQ_S3:O9LKM]+NO-E2<[C5#.?O@GO\
M*4$O6W&.FVC&X>MHZ"J9A:6UK\VQ^N+SAK>KV#:UFSG_:>S"5A/3%`9T0C5K
M4PXE%IC)QI=>7TURY#Y;1!]<*8AU1./7&#7J.E9D?(6^RA1[#$/6Q;F%+=O%
MM?G<T!)]=2]]RFJSC_8B-\QP+UE$2G&W'=@HA[N*C5UT/KXQOX\U.:?1Q6"E
M#CLT4Z]Y+/F)](NZT;,<#76D\XS?#:Z=<;!\$;?'TZ278\#C0Y<3Z?E]>BF*
M?O6L;[WK7P_[V,M^]K2OO>UOC_O<ZW[WO.^][W\/_.`+?_C$+[[QCX_\Y'N;
MZQ&8"\:;G_H"/G?GV![GBER[:I=G89/'8W[S!VCXPO<ZC8))<,"TGZF[1-\#
MWA=?VX$N;6?_5=5$[CAZ6U-]_Z1B73WFR2`=NVUM/#=(VA1_Z?-^@U:`0S=_
MFX9?A%8L^Q4RA,<?\&='U)%T+8<80K9^X+9W,]9WD*-NG5=V1-5L595US(2`
M!H5@0$>`S\<^UQ6"G8-KV29VW$5B"E:"%R9VJ#5*]=9L<<</8!5K,VB`T+!=
M:>--I*9XX&6">35V*CB!<F=I*RAW<;6!2H)L%)B$]5=A3ZA5.?A3$MB#*?B%
M*,:"AN<^S(90YK=XU<11ZW!S)\=:9'=LE3=DW3:&/2<<:\0""4@^TU1+&N6"
MXV41)<9QRA<%X(:(9Z"(B^B(CPB)D2B)DTB)E6B)EXB)F:B)F\B)G>B)GPB*
MH2B*H_](BJ5HBJ>(B@#E@Q?P=?"%*90V`R455*Q(6.L3<DMVA6?B=5+U.N_T
M`54(<Z,'B\(X&59'C&J5*3P":V`7%;*(1&S8AD"@+.,W`74E7KD80[QQ5=SU
M@=[T8`:R8_NG%JVU4^PU@-0G2GIH?X#XAOP73%Z58GHH3?;'69%G6[!FC\UH
M1>MA#?804O_G'C;H=,5F4KFA=)%54A_E6?W%AA#X9RJ27\5X1C-48P<39#/4
M<F*X7$:(D/XW=S%G:6!HAL$4CB*Y2V0HDKB(AT\18#S#C"S)114)8C75(G?R
MD0<UD7_'@^X12B\E='97ACIY#D*H?^U7$##4.B^YA=@BDX+_IV(?19(O29-<
M&&QGB$T*F9)"N8,X"(2'V!2K6(A1=8_:IF@_9H,N4H\:^'93^58F"9`)R9%.
M>)),EY5UB9%"!DM$.%Y:Z""95$]A68Y)E2R^J%Y#E412:823EY-G)#MTF'-H
MAXW-4T6GM'GW=(AW>&G=$)E<0FX<L)D]8)0C\YF-&$XC-)H!M0VGV68CE(JM
MZ9JO"9NQ*9NS29NU:9NWB9NYJ9N[R9N]Z9N_"9S!*9S#29S%*6:^"$V'5AU@
M:06A"2;3-T0+R%!?!YVPHA?("`>#>);$XT/U$WZ=@IV4-6EI=7,RIII#"'W9
MV!?JES](<W*I!I/05FDXER/L49;T_YA>%[B2-Y-_VWE$-<)5::=_WHF!<\>/
M\7DU;H59\`B7#Z)=#NI?[#ES--E>C&ECY_DA&Y<J9..<\K%=2_9$AMF@.3F.
M.)9HDZEQD5>B*\J5?-6$[<*A&-HGK;B-@!=6<WE9<%4*+@B5C]E(-\FBD'D_
M2F8+&1B-HO:AD^9*/(5*),BB`QI%)P&?@K5R?Z="?E@^2&A+UZ:=;IB<+U.%
M/=25_/6@QO5G5!I&#'ICMT2@6TD?TDF(>5FEA*6.7;E>8\JCC>.73R9YBDEY
MZ"D_J$539MFAR.-<<3E-"%*H`"2CJ;DEB^H_C0I(7P*IQ@E!](:I4BIOF4IO
MEAJ*G`JJ6_\5JO/FJ:5JJJ>*JJFJJJO*JJWJJJ\*J[$JJ[-*J[5JJ[=J@$$C
MJ;CZ)[W(JT+C7KNZ<,CY%7IIK&8JC:OSB7B7`UAZK%E3J'@3-IC(K,6S.].X
M?M+Z.O.C0;5X0I4JF1,DCT>'GT54H?O76GKF4/7ICO%HA]O&KDF)&>T9>)DS
M+.`J=70:>"W#EA`I+4NGE=^JD3OE@`9I1PC3/\Y(1"=F?4_'1M`DHFMJ3!FI
MHR@YA3AX@BUC-?NSHUURI<(*+=>W=2/G4F.X8`!K(R_*DQB&L7*I4P(4DCQ9
M=5^Y-TPEA?V:5P2UC(N)H_?Y@PA4HU2YKW&:H,5DEHIGH5_(;&S_BJ<-:6-E
MZ*STXU9:>:27Y#`*&J;O:J5].'A&9B[X<DQY.(<HB*]Q<D.`1X*6J67SB7P^
MJZ4Q*YYH*BU12WN"FIA>6[8\L2N@5IF("+)3`9M_2U7V-JJ9JF6%NV[NAKBD
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M$TS!HV99QC65AS6@B1*T'.RZ`#9+%_FL5JN_B:FO<T:VG*)/G;21*T2[P65-
E3D:LLX5Y%BS"K&O$E%BY[$:Y2:P]1^S$N\G$Z+;$47P]!0``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>fs_ussec001.gif
<TEXT>
begin 644 fs_ussec001.gif
M1TE&.#EA?`).`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`````!Z`DX`AP``````````,P``9@``F0``S```_P`S```S,P`S
M9@`SF0`SS``S_P!F``!F,P!F9@!FF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9
M_P#,``#,,P#,9@#,F0#,S`#,_P#_``#_,P#_9@#_F0#_S`#__S,``#,`,S,`
M9C,`F3,`S#,`_S,S`#,S,S,S9C,SF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F
M_S.9`#.9,S.99C.9F3.9S#.9_S/,`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_
M9C/_F3/_S#/__V8``&8`,V8`9F8`F68`S&8`_V8S`&8S,V8S9F8SF68SS&8S
M_V9F`&9F,V9F9F9FF69FS&9F_V:9`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;,
M9F;,F6;,S&;,_V;_`&;_,V;_9F;_F6;_S&;__YD``)D`,YD`9ID`F9D`S)D`
M_YDS`)DS,YDS9IDSF9DSS)DS_YEF`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF9
M9IF9F9F9S)F9_YG,`)G,,YG,9IG,F9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G_
M_\P``,P`,\P`9LP`F<P`S,P`_\PS`,PS,\PS9LPSF<PSS,PS_\QF`,QF,\QF
M9LQFF<QFS,QF_\R9`,R9,\R99LR9F<R9S,R9_\S,`,S,,\S,9LS,F<S,S,S,
M_\S_`,S_,\S_9LS_F<S_S,S___\``/\`,_\`9O\`F?\`S/\`__\S`/\S,_\S
M9O\SF?\SS/\S__]F`/]F,_]F9O]FF?]FS/]F__^9`/^9,_^99O^9F?^9S/^9
M___,`/_,,__,9O_,F?_,S/_,____`/__,___9O__F?__S/___P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`PC_`+$)'$BPH,&#"!,J7,BPH<.'$"-*G,@0
M@,6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7,%T6;'60ID&;,VOJO+DS
M)\^?/H,2Q#FT9U&@1X4.)+K4:%.D,:-*G4JUJM6K6+-JW6J2HM>O8,.*'4O6
M(=>S:-.J7<NVK=N79>/*G4NW[L2W>//JW<NWKU^,=@,+'DSXZ]_#B!,K7LPX
M(S:F`B$_'DCK*397E+%5QLG9<M+/GD-'=CH:J>C)IDLK50V:]6G)K1K+GDV[
MMFVX=:45WLV[=\';P(,+'SX;;.71K4!]ND;'E*GFT9I+NR;9M_7K=XEKW\Z]
M.]>P-)^S_S+5YE.K2)^BE8\6J0XV3.FE1<-.O[Y9[_CSZ]]/<C7JG)^81UXT
MIL"G'B@%[H%->:U\X@8VH&#"%&RD_=>:A:]52&%J&+KF88<@;B@0?R26:")^
M8&5"!S:?T$%@&Z9$E]YZDJSX"28OSF??CCP.=.*/0`8IVT2Z"40'CN1!:&`;
MRK0"WX(X@M(&-@6:TN.5]@FIY99<OO65*6Y\PJ*$Y)G2BAM6EO>>C3A&)R&6
M<%K7Y9QTUEE5B#I5=N.*3K(9(Y-.BDE')M$HPR0VZF4BXH6+9LAAHQ]"BN>C
M&M9DYZ689MK51&"NR"*,GT83W9]B?M+&?*;.1QZ.<;9*F*:PQO\JJT4+%5F0
M@YZ:J@RB;7@B*J"8K&A*)'RFRJLG.%U#G[)CV4H1LP4=)]BLU%8[IT3DN?BI
ME>J!:JJ5=+B!:AN9((K)J52V\::K[,YE[;OPGN@?3J`<^9BNO&(""I7!"J3>
MFW00>R^Z_[(RT"RG24N1PIDY)"+#$F'V(5U$Q6OQQ=Y!M*I`W_(*:K8ZILMJ
M)NJ:BRZ8ZS(438"?*!>@*2R7$C/++X=<T,HT!RBSS0[!_(G,.L\<M'.B-F2*
MRS^S['/203?=LM*282SUU,`UI*<;N1[ZKY4%HHN-;M*09QXV=+11+,'D5E=0
MUY&T(4D;;;\=-]QNT_TV)GM$8ZMN;-?_W38F5@KD[$&8K6SWX7\CKBX=32;T
MG+J*R^WWY)*?VX:"!U&M^>:+]8RU;J:*V2W79O,LT*KSU1%)N=&<JZH;*3M.
M=R21R!W)N;3;+OG;;;0!BLWD70(W[7!+8CI#F+2=^_"Z#Z\\W8`?U#KTS%>_
M/.VXUSV\IYES[OWW>OUG:RL$KMQO@S!>LS6_7N,DL=@T!<RGZ\>60N!_.'5]
M[OZ02SXW__P;V^D`"+DW20I]!$Q@`1<HB7))RW`*C.`"^2<)<4'L,>#+H`;5
MHI`]](Y8X]K7^L`DKH6@[E.8>$S95-4[LP7.(.1YGO*.1(<6!2M8'YP=\0AU
M.L6U[7@+2=[L_YQ7-__I4'FLZF$+6]BV',J0>#*$&YH4LL$J6O$J!QG?_:2!
MKQ'2[VL*615-/'@V'<5(;?KKWWH0-9GP*%!XRJA,&@%XBH%`:R&F2F!ZR!>C
M`-6-@,0JDG/V`+-"?@)F"JQ1^6+$2+U1\8J0C*1,$%(^\J&/6V:CB92TU;/2
MH=!D9D+4_0X2P^%93DR4-!7O;@<W.B@K>-3[H40^$<6V[<H@T2F>*5O9D(`-
M\6VHE(@DATG,30UD/I7QH!IWM3Y:MJ\G@E37&&LT,/XUAY0*#*9EHB&E!'(M
M@C0)F8@0.$$KX41:-YH@W#QQ&<OH!H(3Q!P8!2(QH13SGOCL2$(BA/\)3&0B
M/?FBB:DX&9$3#C0R-^IGWDCY2[AI4WJX@Z*:2FE$("I$B%%\(4,ERCN-'@2C
M.GSH0_))TI(F1%GST4TK#!6]&Y4P(KJ9!4O'"$+!L?%X<X3<OA9"A[L54%@1
MK*-`[JB0/$YPIPGYA$\#:-%6D`R0(C7+%00QU:I2]:I7P%0`MEK2KJ($(:;8
M`WQ8MC^!>O)+GC05N6A60X;NKG=1O17B;A>V-@@OBA9-JO)8V3:/&H0YM-OK
MN?Q*D(#QE6YQK0A6%VO5J=IIJP'PJF3[@Q-!PFZ!8U/J,REE4Y&%QZC[XU[^
MLADILB40J.HTH(9`VS^/NJ^'I]4)/`$HSP/_`J"QC%ULG2`[V=Z"1&5LY-A9
MQ;*J%Z(TC`U%ST*F-[>VB8FB0\PK0D#Z/,+.I&Q13.)':ZFFNURU(UC=+5=]
M2]Z-2$\9GT"O>OT8B9>2Q5`N/&1ZY8M-=2)5,S!,K8)RNC^A8H.H24WM?1-R
M)'4"T:GJ5.Y=JNJ1\,Z)M^6-\$400H<*GRM<-P2H7,Q78;,5^)IKT^$I%=**
MGG[0=BR\*^1D&1%G9K0A1L5>[ZQ+MNQV5YA4S6J#'?O@\4HXPCG9#!O#&=Q)
MS:MADYD/399<7P*B4EI+5L9E"<A#_DJSR.-D[?[,V9-T$C!PYT24EM4E3T81
MY+94_0B#+;)F!V-$_[<=P:V.-R)GDD`8LI'-")[SK!$(;V3/(-FSC_LLZ$#C
M^<<FHB2BY+/HP=$E&NI3GZBNX>A2-C>8B`P6=B7Z-YM`]WG2W>X0^VJT4=,N
ML=0=7F(7`H#O[E@0%_DNG-F<VSEC1,YIU@BN;?T1W@+Z(H+V,[`'/>Q@<R38
MA]8SLCN";#XC.C\U>>H$FZ.V+]G0P#!4("@VDST)ZHN-5L:$?P&,D#%_FR$1
M4J=U$0Q5BJ"9U[K.];MG/>\ZW[K6\J;UKD6R[&+WN]B$;G;`!8Z19A/;(@9W
M]K.[`U;G*,,YSDFGALGR./@\'.)$R^];NVLJP;90<G2X+RSQ.DN/DYHA'?\_
M,=P&7%@9/V_55'0U1ZP::YIGQ.8UES?.+>+FG;=ZS;U.=L&%#0"A%YW81C_Z
MH).N=#XG_>E$9_K"B?,?<;9QR*'K#&?GR3YE*#G)^!N(E46GN.P!TTK2"C>3
M'S5F2;CV()HEX"V+,ML"UE9#[XZSS.>]D;WG_.\:D;G?><[CH!]<Z7]>.M(/
M+VRB`QSAC%^\PB$_^:D/!ZPT;.&3/C7Q+]&O=7-H@QO4)8DZF,[2?GMNSE8?
MHXU.CL402?7)\3AJM]%8]C>.R,_QW=@W%][WL.:(JWU.Y\';.?*5I_SCE7_L
MPR?>Z8Y_/K.=;_G;4)(.PY!OQUUTC:P3";]=8V'_C0*$W@`U>8&@V%M!@VI'
MAYB;Y0=);1L<'1EI\T_!PMPU8V^>[XL`/=XZEEO@A5LG$7W1QWR(MWP!9VA^
M9FS3EWP)6'U4MUP#H53:$CJAYCCG$A[JXE_T)W8B!E=HI6+9DX&WPETT)G8N
MQTJKYDO/<RXPEQ`_=P5R1H/!EQ'&AU4VV%@V6',[F(,T2(`C88`)UX"*5X25
M9W!#YX#*AH02J!U!L0<J@@EHXD:G\B("9&0$$7[I4@J?M3B'='X!U%E:*';@
MA&4]04X`Q&4\47=;9AF5X89D5BD^\G\A88?ZQGOYQGN!MV\A081.B(!-EW!-
M2'#^5FA+6(1/.($,U3L7_\8M%38?4L)#&A,N+(1*:F4Y=$!_J"<W,8A<S44W
M)D@0N)>"Z5)+W#-=M81_NF=\K]9WOS<2M29\]F9XTL=O1WA\B'B`_Q:!BZ@?
M![$9T1!.T>%VCW$NNE$*Y&(P`G%!MJ)9+'1+1Y(>2N9(V69?GI=:5J(L"#-4
M[==9[Y=%`_%'"Y2"[+9`K`@1>4<2>+B.*=%['@&/'@&(0YB+N(A\#.AC!_B+
MVZ$0HA)*V%`'H!(=VM)-U29VHW>)`C%8B&(F%D4>&_>)LJ-BRN->#Y$))@<J
ME(1[E$A@+H=8[N:*`WB#P`=OQ6>2NZ=OM$B2S9>$^]B$B7B/+:F`2^AO_`B,
M8?\6&9O$(&1S34YR,NKR0O7TC!4TC%(22D?R39!C,Z.E3JAT0&:86FIS06K8
M6M>W5`5D)?5$=^9V=X_BCB+1CBEYDH37?RJY>R8IEC5YBPLHB+ZXEF])>="'
MCS19ES<Y)`GQCP,U'R0#B8>BC+&S-K(4.@OI+<1B"J?PD(?CB6@5BI*`'JL7
MF2Q31QA91'43.&`3-BF77:9H)',C.1)I$&,IB['H?VZ&EB7)?X5WFGQGB\]W
MA,X6=48WFXWW:W)9B(D8FR]YEXKA$/\2/V%RC$"9,I6A)V\C*OAB6E9B@49#
M6E[1-3[E4X[I0UF#E:%U0VKD30UQCO=79NJHEC-GEJ;_J7_W1I[CB6]_2'V*
M6)?K>8B]V)[NB8B\61L/H1[:XD&B<R[+@`V`R3.ET%YFA4H!LYRYAUS-4Z`%
MI4,4242!93V<Y&)'9&JVDSV*\A`N6#VA^1LY5A(B>5L_6%7P%H2,%:(?NJ'I
M"8&#:)MN*9?R&9]<)9N]F)LJ.I_%868!A0U[T%8_"6FKXE]*)2Z&(XTM)3#T
M=!ICMW5;:)WRIT"W5)7>EIW0T4Y`\4YC=@EZ0(<C`IYD^1'[-Y+@V:4R:7CT
MV)(O*9^.UZ)D2GTTVCD089\!:C)U=$(@PWE?4V%FQ4X/01Y.Y%!H-3RUQUV2
M4PH$H3I_6JC!$H82<:%SDZ%G_[:FC@J,$5$P=+JCH?*3ZH,OS#&DJ;B=B[1(
M'^@PG=I(HAJJY9-2_C*JJ-JI3/&I-T&J9\1U(_6HLLIP$F&?XR(F?9(N:?)<
M:B(-D4BG[1*L<3&KQ`J%4'FC>^`&@GHCB0DL"G(D\=-2U(2DCG)DU%I:UUJ&
MV&JM,U&LWAH<7O$O\V$O9=(ZIG`-82(-_5(FZ<*HPOJNK/:M\DH;W\<K5F(H
M2O(G3?(DY%)7Q\@]%P2O`GL?\UJP;.H5_7(C+V(F4[0>_30F.3*P$NL5!ENQ
MB<&M1=%/K9`DIB`),P(*@;(@Z6$J8S(A6&JC&%NM*+NR*MNRVXH-%ANS?@$6
MGZ`@IO]"/C`2#1ZK'NG15I&H#`0UL4)+L#);M%Y"$>\D$,MP*AV;-S`R+#,R
MLGR"7T-;M15AM%C;%F0A:8?4(#$"'6$XBE9KM5E;MAQTK%3['U`V9/\U&4+V
MLBZKK7*+MBP+MW8[MV:;M]\QMGR+)7K[MUC1MX++(X!;N%0QN(A+'X:[N#&1
MLG=+MW$+N8][LI%+N9/K(XR;N2R1N)SK&YK[N2G1N:);&*!;NJ9[NJB;NJJ[
MNJS;NJ[[NK`;N[([N[1;N[9[N[B;NUK"`KS;N[[[N\`;O,([O,1;O,9[O,B;
MO,J[O,S;O,[[O-`;O=([O=1;O=9[O=B;O=J[O=Q[O1[1O>"#&[[B.[[D6[[F
M>[[HF[[JN[[L>[[?"[P!$+SQ"[_R6[_T>[^_.[_Y:[_[B[^^J[__R[\![+^]
M"\`%+,`'3,"\:\`+C,`-K,`LP,`1[,`3#,$2?,$4C,$6G,$<O,$>W+\@/,`A
BG,`C_,`E7,$GK,$IW,$K_,$B_,(D#,,F+,,H3,,7'!``.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
