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Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000078150-05-000043.txt : 20051013
<SEC-HEADER>0000078150-05-000043.hdr.sgml : 20051013
<ACCEPTANCE-DATETIME>20051013063652
ACCESSION NUMBER:		0000078150-05-000043
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051013
FILED AS OF DATE:		20051013
DATE AS OF CHANGE:		20051013

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:		051135990

	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>moodys_ussec.htm
<DESCRIPTION>DISCLOSURE
<TEXT>
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</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">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Pursuant to Rule 13a-16 or 15d-16 </p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Of 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">For the month of October
2005</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">Commission File Number 1-03006</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">(Exact Name of Registrant as
specified in its Charter)</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</p>

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

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Address of principal executive
offices)</p>

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

<p style='margin-left:.5in;text-align:justify' style="margin-top:0;margin-bottom:0">(Indicate by check mark whether the
registrant files or will file annual reports under cover of Form 20-F or Form
40-F.)</p>

<p 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='margin-left:.5in;text-align:justify' style="margin-top:0;margin-bottom:0">(Indicate by check mark whether by
furnishing the information contained in this form, the registrant is also
thereby furnishing the information to the commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act 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 style='margin-left:.5in;text-align:justify' style="margin-top:0;margin-bottom:0">(If &#147;Yes&#148; is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-_____)</p>

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

<p 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 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">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='text-indent:.5in' style="margin-top:0;margin-bottom:0">A copy of the disclosure
letter we sent today to the Philippine Stock Exchange and the Securities and
Exchange Commission regarding the press release issued by Moody&#146;s Investors
Service (Moody&#146;s) entitled &#147;Moody&#146;s Reviews PLDT&#146;s Ratings For Possible
Upgrade; Approximately US$1.3 billion in Debt Securities Affected&#148;.</p>

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

<p style='text-indent:.5in' 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">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0>
 <tr>
 <td  height=62 style='vertical-align:top'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

 &nbsp;</td>
 </tr>
</table></center></div>

&nbsp;</p>

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

<br clear=ALL>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">October 13, 2005</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" style="margin-top:0;margin-bottom:0">&nbsp;</h3>
 </td>
 </tr>
</table></center></div>

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

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">The
Philippine Stock Exchange</h6>

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">In compliance with Section
17.1(b) and Section 17.3 of the Securities Regulation Code, we submit herewith
a copy of SEC Form 17-C with a press release issued by Moody&#146;s Investors
Service (Moody&#146;s) attached thereto entitled &#147;Moody&#146;s Reviews PLDT&#146;s Ratings For
Possible Upgrade; Approximately US$1.3 billion in Debt Securities Affected&#148;.  </p>

<p style='text-align:justify' 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 Corporate Disclosure Requirements.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">October 13, 2005</p>

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

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

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

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

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

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">                        SEC
Registration No. PW-55</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">In accordance with Section 17.1
(b) of the Securities Regulation Code, we submit herewith five (5) copies of a
Current Report with a press release issued by Moody&#146;s Investors Service (Moody&#146;s)
attached thereto entitled &#147;Moody&#146;s Reviews PLDT&#146;s Ratings For Possible Upgrade;
Approximately US$1.3 billion in Debt Securities Affected&#148;.  </p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0"><b>SEC FORM 17-C</b></p>

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

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

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

<p style="margin-top:0;margin-bottom:0">AND SRC
RULE 17.1</p>

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

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

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

<p style='margin-left:.5in;text-align:justify;text-indent:-.5in' style="margin-top:0;margin-bottom:0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
October 13, 2005</p>

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

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

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

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

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

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

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">            Exact name of
registrant as specified in its charter</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">5.         PHILIPPINES
6. _____________ (SEC Use Only)  </p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-indent:.5in' style="margin-top:0;margin-bottom:0">Attached
hereto is a press release issued by Moody&#146;s Investors Service (Moody&#146;s)
entitled &#147;Moody&#146;s Reviews PLDT&#146;s Ratings For Possible Upgrade; Approximately
US$1.3 billion in Debt Securities Affected&#148;.  </p>

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

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

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

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</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">&nbsp;</p>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE</p>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">TELEPHONE COMPANY</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">MA. LOURDES C. RAUSA-CHAN </p>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </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">Date:  October 13, 2005</p>

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

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

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

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

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

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

<p style="margin-top:0;margin-bottom:0">MOODY'S
REVIEWS PLDT'S RATINGS FOR POSSIBLE UPGRADE </p>

<p style="margin-top:0;margin-bottom:0">2005-10-12
22:59 (New York) </p>

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

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

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

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

<p style="margin-top:0;margin-bottom:0">Charles F.
Macgregor          Clara Lau </p>

<p style="margin-top:0;margin-bottom:0">VP - Senior
Credit Officer    Senior Vice President </p>

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

<p style="margin-top:0;margin-bottom:0">Moody's
Investors Service Pty Moody's Asia Pacific Ltd. </p>

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

<p style="margin-top:0;margin-bottom:0">JOURNALISTS:
(612) 9270-8102  JOURNALISTS: (852) 2916-1150 </p>

<p style="margin-top:0;margin-bottom:0">SUBSCRIBERS:
(612) 9270-8100  SUBSCRIBERS: (852) 2916-1121 </p>

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

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

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

<p style="margin-top:0;margin-bottom:0">MOODY'S
REVIEWS PLDT'S RATINGS FOR POSSIBLE UPGRADE </p>

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

<p style="margin-top:0;margin-bottom:0">Approximately
US$1.3 billion in Debt Securities Affected </p>

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

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

<p style="margin-top:0;margin-bottom:0">Hong Kong,
October 13, 2005 -- Moody's Investors Service today placed the ratings of
Philippine Long Distance Company (PLDT) on review for possible upgrade. At the
same time, Moody's assigned PLDT a local currency corporate family rating of
Ba2 and placed it on review for possible upgrade. The review for upgrade
results from continual improvements in PLDT's financial risk profile. </p>

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

<p style="margin-top:0;margin-bottom:0">The review
will focus on: [1] the sustainability of improvements in </p>

<p style="margin-top:0;margin-bottom:0">PLDT's
operating and financial profile; [2] Prospective capex </p>

<p style="margin-top:0;margin-bottom:0">requirements,
particularly as it relates to any investment in 3G </p>

<p style="margin-top:0;margin-bottom:0">technology;
[3] Possible structural subordination given debt at the Smart Cellular
subsidiary; [4] Ongoing exposure to movements in the USD/PHP exchange rate; and
[5] PLDT's investment strategy. Moody's expects to complete its review by
end-2005. </p>

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

<p style="margin-top:0;margin-bottom:0">The ratings on
review are: </p>

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

<p style="margin-top:0;margin-bottom:0">Local Currency
Corporate Family Rating of Ba2 </p>

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

<p style="margin-top:0;margin-bottom:0">Foreign
Currency Senior Unsecured Rating of Ba3 </p>

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

<p style="margin-top:0;margin-bottom:0">Foreign
Currency Senior Unsecured Shelf Rating of (P)Ba3 </p>

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

<p style="margin-top:0;margin-bottom:0">Foreign
Currency Preferred Stock Rating of B1 </p>

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

<p style="margin-top:0;margin-bottom:0">Foreign
Currency Preferred Stock Shelf Rating of (P)B1 </p>

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

<p style="margin-top:0;margin-bottom:0">Moody's went
onto say that PLDT will be approaching holders of certain </p>

<p style="margin-top:0;margin-bottom:0">bonds, roughly
US$312 million, to either gain their consent to a change </p>

<p style="margin-top:0;margin-bottom:0">in the
restrictive payments covenant or to tender their bonds. The </p>

<p style="margin-top:0;margin-bottom:0">company is
offering bondholders a reduction in its debt incurrence test </p>

<p style="margin-top:0;margin-bottom:0">ratio to 3.5x
from 4.5x. Moody's does not expect either the covenant </p>

<p style="margin-top:0;margin-bottom:0">changes or the
prospective tendering of the bonds to adversely impact </p>

<p style="margin-top:0;margin-bottom:0">PLDT's credit
profile. </p>

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

<p style="margin-top:0;margin-bottom:0">PLDT is well
advanced in its debt reduction program, which is leading to lower interest
costs, increased cash flows, and reduced exposure to </p>

<p style="margin-top:0;margin-bottom:0">foreign
exchange rate risk. The company is targeting a reduction of over US$600 million
in 2005, and has already achieved roughly $550 million of this objective. It
has over US$530 million in cash at present. </p>

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

<p style="margin-top:0;margin-bottom:0">Moody's notes
up to five 3G licences may be awarded in the next 6 months. Upfront fees are
unlikely; rather licensees will be required to provide an operable service
offering within 12 months and a ubiquitous offering within 5 years. Current
players are likely to acquire licences and continue to dominate the market. </p>

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

<p style="margin-top:0;margin-bottom:0">PLDT does not
expect capex to rise above PhP16-18 billion per annum. This projection
encompasses funding for both 3G build-out and fixed-line network upgrades. Such
a level of capex represents only a moderate </p>

<p style="margin-top:0;margin-bottom:0">increase on
current levels. </p>

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

<p style="margin-top:0;margin-bottom:0">Moody's
continued to say that PLDT's current foreign currency senior </p>

<p style="margin-top:0;margin-bottom:0">unsecured debt
rating of Ba3 is above the Philippines' foreign currency </p>

<p style="margin-top:0;margin-bottom:0">country
ceiling of B1. The foreign currency senior unsecured debt rating incorporates
convertibility risk, which is the likelihood of the </p>

<p style="margin-top:0;margin-bottom:0">government
declaring a debt moratorium to counter a foreign currency </p>

<p style="margin-top:0;margin-bottom:0">crisis. Moody's
views foreign currency bonds subject to international </p>

<p style="margin-top:0;margin-bottom:0">law as less
likely to be subject to a debt moratorium than foreign </p>

<p style="margin-top:0;margin-bottom:0">currency
obligations subject to local law. </p>

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

<p style="margin-top:0;margin-bottom:0">Therefore, a
differential is present between PLDT's foreign currency bond rating and the
sovereign rating. As such, PLDT's foreign currency bond rating is a function of
its own risk of default and the probability of a Philippine government default
on its foreign debt (implied by its B1 rating), the likelihood that the
government would declare a moratorium in the event of a default, and if it did,
the chances that it would exempt a company such as PLDT. </p>

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

<p style="margin-top:0;margin-bottom:0">Philippine
Long Distance Company, based in Manila, Republic of Philippines, is that
country's leading provider of integrated telecommunications services. </p>

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

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

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

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

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

<p style="margin-top:0;margin-bottom:0">Copyright
2005, Moody's Investors Service, Inc. and/or its licensors including Moody's
Assurance Company, Inc. (together, &quot;MOODY'S&quot;). All rights reserved. </p>

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

<p style="margin-top:0;margin-bottom:0">ALL
INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH
INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER
TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR
SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER
OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.
All information contained herein is obtained by MOODY'S from sources believed
by it to be accurate and reliable. Because of the possibility of human or
mechanical error as well as other factors, however, such information is
provided &quot;as is&quot; without warranty of any kind and MOODY'S, in
particular, makes no representation or warranty, express or implied, as to the
accuracy, timeliness, completeness, merchantability or fitness for any
particular purpose of any such information. Under no circumstances shall
MOODY'S have any liability to any person or entity for (a) any loss or damage
in whole or in part caused by, resulting from, or relating to, any error
(negligent or otherwise) or other circumstance or contingency within or outside
the control of MOODY'S or any of its directors, officers, employees or agents
in connection with the procurement, collection, compilation, analysis,
interpretation, communication, publication or delivery of any such information,
or (b) any direct, indirect, special, consequential, compensatory or incidental
damages whatsoever (including without limitation, lost profits), even if
MOODY'S is advised in advance of the possibility of such damages, resulting
from the use of or inability to use, any such information. The credit ratings
and financial reporting analysis observations, if any, constituting part of the
information contained herein are, and must be construed solely as, statements
of opinion and not statements of fact or recommendations to purchase, sell or
hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY,
TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE
OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S
IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed
solely as one factor in any investment decision made by or on behalf of any
user of the information contained herein, and each such user must accordingly
make its own study and evaluation of each security and of each issuer and
guarantor of, and each provider of credit support for, each security that it
may consider purchasing, holding or selling. MOODY'S hereby discloses that most
issuers of debt securities (including corporate and municipal bonds,
debentures, notes and commercial paper) and preferred stock rated by MOODY'S
have, prior to assignment of any rating, agreed to pay to MOODY'S for appraisal
and rating services rendered by it fees ranging from $1,500 to $2,400,000. Moody's
Corporation (MCO) and its wholly-owned credit rating agency subsidiary, Moody's
Investors Service (MIS), also maintain policies and procedures to address the
independence of MIS's ratings and rating processes. Information regarding
certain affiliations that may exist between directors of MCO and rated
entities, and between entities who hold ratings from MIS and have also publicly
reported to the SEC an ownership interest in MCO of more than 5%, is posted
annually on Moody's website at www.moodys.com under the heading
&quot;Shareholder Relations - Corporate Governance - Director and Shareholder
Affiliation Policy.&quot; </p>

<p style="margin-top:0;margin-bottom:0">Moody's
Investors Service Pty Limited does not hold an Australian financial services licence
under the Corporations Act. This credit rating opinion has been prepared
without taking into account any of your objectives, financial situation or
needs. You should, before acting on the opinion, consider the appropriateness
of the opinion having regard to your own objectives, financial situation and
needs. </p>

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

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

<p style="margin-top:0;margin-bottom:0">Provider ID:
00296728 </p>

<p style="margin-top:0;margin-bottom:0">-0-
Oct/13/2005  2:59 GMT </p>

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

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

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

<p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></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 has 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='margin-left:2.25in;text-align:justify' style="margin-top:0;margin-bottom:0">By        :     </p>

<p style='margin-left:2.25in;text-align:justify' style="margin-top:0;margin-bottom:0">Name  :     Ma. Lourdes C. Rausa-Chan</p>

<p style='margin-left:2.25in;text-align:justify' style="margin-top:0;margin-bottom:0">Title     :     Corporate Secretary</p>

<p style='text-align:justify;text-indent:3.75in' 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 align=left style='text-align:left' style="margin-top:0;margin-bottom:0">Date:  October 13, 2005</p>

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

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

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

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