-----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,
 VqY1O+KEWpWG1MQUIfjgqXD/NRgBjukPqHZDpg4SRm+K7NJs7qOzYqc/JYTpcrw5
 tJZzHVqiIJ+fF6HsFF13hA==

<SEC-DOCUMENT>0000078150-06-000011.txt : 20060227
<SEC-HEADER>0000078150-06-000011.hdr.sgml : 20060227
<ACCEPTANCE-DATETIME>20060227060939
ACCESSION NUMBER:		0000078150-06-000011
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060227
FILED AS OF DATE:		20060227
DATE AS OF CHANGE:		20060227

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:		06644910

	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:"Arial Black";
	panose-1:2 11 10 4 2 1 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;}
span.DeltaViewInsertion
	{color:blue;
	letter-spacing:0pt;
	text-decoration:underline;}
p.00BodyText, li.00BodyText, div.00BodyText
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:11.0pt;
	margin-left:0in;
	font-size:11.0pt;
	font-family:Arial;}
span.msoIns
	{text-decoration:underline;
	color:teal;}
span.msoDel
	{text-decoration:line-through;
	color:red;}
 /* 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-bottom:0in;margin-bottom:.0001pt;line-height:normal' 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-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 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">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">&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 February 2006</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 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 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 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='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">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 2005 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='margin-left:0in;text-indent:42.0pt' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

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

<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-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">February 27,
 2006</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 2005 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: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="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h1>

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

<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">&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-left:3.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">February 27,
 2006</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:184.5pt' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0"><u>Corporations Finance Department</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) 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 2005 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="margin-top:0;margin-bottom:0">&nbsp;</p>

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

<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">2,193,261</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">As of January 31, 2006</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">&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;
27 February 2006</p>

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

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

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

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

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

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

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

<p style='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;
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">&nbsp;</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">________________________________________________________________</p>

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

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

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

Press Release</p>

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

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>FULL YEAR 2005
CONSOLIDATED NET INCOME REACHES  </u><u>P</u><u>34 BILLION;</u></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>FINAL DIVIDEND
OF </u><u>P</u><u>28 PER SHARE DECLARED;</u></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>DEBTS REDUCED BY
US$713 MILLION</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 P34 billion for the year 2005, 22% higher than P28
 billion in 2004 </li>
 <li style='text-align:justify'>Core net income at P31
 billion, before gains from foreign exchange and derivative transactions,
 an increase of 9% from previous year </li>
 <li style='text-align:justify'>Consolidated service revenues up 5%
 year-on year to P121 billion; wireless service revenues increase 8% to P75
 billion</li>
 <li style='text-align:justify'>Consolidated EBITDA reaches P79
 billion; consolidated EBITDA margin improves to 65% of service revenues</li>
 <li style='text-align:justify'>Consolidated free cash flow expands
 to P51 billion, up from P37 billion last year </li>
 <li style='text-align:justify'>PLDT reduces consolidated debt by
 US$713 million</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, 27th
February 2006</i>   &#150;&#150; Philippine Long Distance Telephone Company (&#147;PLDT&#148;)
(PSE: TEL) (NYSE: PHI) today announced its financial results for the fiscal
year 2005, reporting a consolidated net profit of P34.1 billion, an
increase of 22% from the P28.0 billion net profit reported last year.
This year&#146;s results benefited from the recognition of foreign exchange
translations gains and certain deferred tax assets while last year&#146;s results
benefited from a P4.4 billion gain realized from the Piltel debt
exchange transaction.   Consolidated net income, before gains from foreign
exchange and the Piltel debt exchange transaction, rose to P31.3 billion
in 2005, 9% over the net income of P28.7 billion in 2004.  Service
revenues for the PLDT Group increased by 5% to P121.1 billion.
Consolidated EBITDA improved by 12% to P78.9 billion while EBITDA margin
rose to 65% compared to 61% in 2004.  </p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">The Group&#146;s consolidated balance sheet
continued to strengthen with the consolidated debt balance down to US$2.1
billion.  The PLDT Group reduced debts by US$713 million, ahead of the stated
target of US$500 million set at the beginning of the year. Debt to EBITDA and
debt to free cash flow ratios improved to 1.4 times and 2.2 times,
respectively. </p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Consolidated free cash flow surged 37%,
to P51.2 billion in 2005 from P37.3 billion in 2004.
Approximately 80% of cash flows were utilized to pay down debt with the balance
being used to pay out cash dividends.  Earlier today, the Company&#146;s Board of
Directors declared a final dividend of P28 per share.  Added to the
previously paid interim dividends aggregating P42 per share, total
dividends for the year will be P70 per share, representing <a
name="OLE_LINK3"></a><a name="OLE_LINK2">a payout of slightly over 40% of 2005
core earnings</a>.  </p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&#147;We are extremely pleased to announce the
declaration of a final dividend for 2005 of P28 per share, bringing
total dividends to P70 per share. We are taking advantage of the Group&#146;s
excellent cash flow position and profits to take care of the two stakeholder
groups most important to us &#150; our shareholders, through increasing dividend
payouts, and our customers, by introducing new and innovative products and
services&#148;, stated Manuel V. Pangilinan, PLDT Chairman.</p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0"><i>&nbsp;</i></h4>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0"><u>Wireless:   Upholding Market Leadership</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">Consolidated wireless service revenues
rose to P74.7 billion for the full year 2005, 8% higher than the P69.0
billion realized last year, with cellular subsidiaries, Smart Communications,
Inc. (&#147;Smart&#148;) and Pilipino Telephone Corporation (&#147;Piltel&#148;) continuing their
solid performance. Service revenues of P19.7 billion in the fourth
quarter were 6% higher than the third quarter revenues due to the increased
usage normally associated with the holiday season.</p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Consolidated wireless EBITDA improved by
13% to P49.5 billion in 2005 from P43.8 billion in 2004 while
EBITDA margins improved to 66%.  </p>

<p style='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 PLDT Group&#146;s total cellular
subscriber base for the year grew by 1.2 million to 20.4 million.  The effect
of the termination of SIM-swapping activities in May 2005 manifested itself in
the third and fourth quarters as the PLDT Group reported net disconnections of
approximately 380,000 subscribers for the period compared to net activations of
1.6 million in the first half of 2005.  For the year, Smart recorded net
additions of approximately 828,400 subscribers while <i>Talk &#145;N Text</i> added
about 372,000 subscribers to end 2005 with 15.4 million and 5.0 million
subscribers, respectively.    </p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Smart also had 25,000 subscribers on its <i>Smart
Wi-Fi</i> service. Launched in June 2005, <i>Smart Wi-FI</i> offers wireless
broadband services in areas that are inaccessible to PLDT&#146;s myDSL service. By
piggy-backing on Smart&#146;s cellular infrastructure and tapping PLDT&#146;s fiber optic
backbone, <i>Smart Wi-Fi&#146;</i>s deployment has been rapid and cost-effective. As
a result, there are now over 1,000 wireless broadband base stations providing
high-speed internet access to a growing number of customers all over the
country at very affordable rates.</p>

<p style='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 2005, Smart launched a series of
promotions to serve the apparent market demand for fixed rate or &#147;bucket&#148; plans
for voice and text services. Over the course of the year, the promotion,
branded as <i>Smart 258</i>, took on several variations involving
changes in load denominations and periods of network availability, all designed
to enhance value to subscribers.  Current offerings include <i>Smart 258
Unlimited Text</i>, <i>Smart Load &#147;All Text&#148;</i> and the P10 flat rate
promotion. Smart&#146;s unlimited offerings have been refined to ensure that network
quality for all subscribers is preserved while encouraging a steady level of
top-ups. </p>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify' style="margin-top:0;margin-bottom:0">In December 2005, the National Telecommunications Commission awarded
Smart a 3G license after Smart garnered the only perfect score based on the
regulatory body&#146;s grading system designed to gauge the capability of operators
to effectively provide extensive 3G services. Less than two months later, on
February 14, 2006, Smart opened its 3G network in selected key cities
nationwide, making video calling, video streaming, high speed Internet browsing
and special 3G content downloads on its 3G network available on a free trial
basis to subscribers with 3G handsets. This makes Smart the first and only
mobile operator in the Philippines to currently offer 3G services to the
public. To date, Smart already has 3G presence in key areas in Metro Manila as
well as in major cities nationwide.</p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&#147;Once again, we have proven our ability
to innovate and fast track with our introduction of 3G last February 14.  We
encourage everyone with 3G handsets to take advantage of the free trial period
and see what 3G has to offer,&#148; said Napoleon L. Nazareno, President and CEO of
PLDT and Smart. </p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;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
38 switches and 5,982 base stations covering over 99% of the country&#146;s
population. As of today, only 13 out of the 1,610 municipalities in the Philippines are not covered
by Smart&#146;s extensive network. Capital expenditures were P9.0 billion for
the full year 2005. </p>

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

<p style="margin-top:0;margin-bottom:0">Free cash flow generated by the wireless business swelled to
P37.8 billion in 2005 from P22.9 billion in 2004. Smart
distributed a total of P25 billion to PLDT in 2005, of which P5
billion was paid in the fourth quarter.  </p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&#147;The continued pressure on disposable
income with the implementation of EVAT will pose a challenge to top line growth
but we have a number of services in the pipeline which will make
telecommunications even more affordable and accessible to Filipinos,&#148; Nazareno
added. </p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</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>PLDT Fixed Line:  Forging Ahead</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">Fixed Line service revenues improved to P49.7
billion in full year 2005 from P48.5 billion last year due to a
significant increase in data revenues which more than offset declines in local
exchange, NLD and ILD revenues.  Our dollar-linked revenues arising from the
local exchange and ILD businesses were negatively impacted by the appreciation
of the peso.  </p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Retail DSL continued its strong growth as
broadband subscribers reached close to 90,000 with another 380,000 subscribers
using our <i>Vibe</i> dial-up Internet service.  This subscriber base is expected
to increase even further as network coverage expands and new bundling schemes
are introduced.</p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Cash operating expenses for the Fixed
Line business were almost 5% to P18.8 billion mainly due to increases in
selling and promotion expenses, compensation and benefits, and taxes and
licenses.</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">EBITDA in the full year 2005 increased by
9% to P28.9 billion and EBITDA margin improved to 58% compared with 54%
last year.  The increase in EBITDA also takes into account the significant
decline in the provision for doubtful accounts brought about by improved
collections. </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">Depreciation expenses doubled to P20.2
billion for 2005 from P10.1 billion in 2004 due to a change in the
estimated useful lives of certain fixed assets in line with the upgrade to the
next generation network. </p>

<p style='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 the year 2005
were P5.5 billion, which represented mainly the upgrade to the Next
Generation Network, principally in respect of the IP core, transmission and
access facilities. The upgrade is expected to take place over a three-year
period. </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">PLDT&#146;s free cash flow in 2005 remained
robust at P37.5 billion, supplemented by the P25 billion
distributed by Smart.  Accordingly, PLDT Fixed Line reduced its debts by US$574
million during the period, thus bringing its debt balance to about US$1.4
billion as of the end of 2005.  Interest costs decreased by over P1
billion to P9 billion during the year, reflecting the benefits of PLDT
Fixed Line&#146;s aggressive deleveraging strategy. </p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&quot;Capex for 2006 is
expected to rise significantly to P9 billion for the Fixed Line business
alone as we accelerate the implementation of our next generation network. We
enter into this new investment phase with renewed confidence as the Company is
on a sound financial footing and well ahead of our targets in terms of debt
reduction, dividend payments to shareholders and financial ratios,&quot;
declared Nazareno. </p>

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

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">ePLDT, the Group&#146;s information and
communications technology arm, reported service revenues of P3.0 billion
for 2005, a 42% increase from P2.1 billion last year, as its various
business segments continued to post improved results. </p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Consolidated call center revenues continued
to lead the way, growing 52% to P1.9 billion as a result of increased
capacity utilization and upward price adjustments for additional programs being
handled. Combined call center seats reached 3,300, making ePLDT one of the
largest call center operators in the country. Ongoing expansion will increase
capacity to 6,000 seats by the end of this 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">ePLDT&#146;s other business segments, which
include <i>Netopia</i>TM, the <i>Vitro</i>TM Data Center
and other Internet-related services, registered significant revenue improvements
as well, as their combined service revenues increased by 27% to P1.0
billion for the year 2005, compared to P867 million in 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">Netopia undertook a significant expansion
in 2005, opening 60 company-owned and franchised internet cafes. Netopia now
has 181 internet cafes nationwide.  The cafes have over 8,200 PCs and serve
approximately 2.7 million internet and PC users each month.</p>

<p style='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 2005, <i>Vitro</i>TM Data Center increased its
capacity utilization by 75% and is now host to all of the country&#146;s online
gaming services.  <i>Vitro</i> is also being positioned as a regional hub for
data content and applications.  Last January, the data center was awarded a BS
7799 Certification from TUV Philippines, the first purposely-built data center
in the country to have received such a certification, thus assuring <i>Vitro</i>&#146;s
clients of the employment of best practices to ensure the safety of their
mission-critical data within <i>Vitro</i>.</p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">ePLDT also recently augmented its
position in the online gaming industry by acquiring a majority stake in Level
Up!, the pioneer and leading publisher of online games in the country.
Together with netGames, its own online gaming company, ePLDT hopes to solidify
its position as the premiere online gaming company in the Philippines.</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;ePLDT is aligning itself with the
Group&#146;s strategy of bringing rich and compelling content not only to its
internet subscribers and users but to mobile subscribers as well, eventually.
In so doing, it is anticipated that demand for wired and wireless broadband
services will further increase. In addition, ePLDT aspires to position itself
as one of the leading content aggregators in the country. We continue to
develop businesses that will bring both strategic and financial value to the
Group&#148;, said Ray C. Espinosa, ePLDT President and CEO.</p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">  </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>PLDT Group: Partnering in
Development </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 PLDT Group continues to invest in the
Philippines by ploughing
back a significant percentage of its profits into making communications
accessible to every Filipino. In the past seven years, the Group has invested
US$2.7 billion in telecommunications infrastructure, representing an investment
of P42 for every P100 of EBITDA earned. As a result, our networks
provide telecommunications coverage to over 99% of the Philippine population today.
In addition, we supply international and domestic connectivity to more than 300
call centers, BPOs and other ICT-related businesses.  By enabling these sectors
and expanding our own businesses, we generate employment opportunities for more
Filipinos. We also continue to be one of the leading taxpayers in the country.</p>

<p style='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, our world-first
innovations have benefited Filipinos by giving them &#147;value for money&#148; products
and services with our prices being amongst the lowest in the world.  These
innovations have also contributed to the growth in the domestic economy by
launching a proliferation of micro-enterprises engaged in the electronic
loading business.  Moreover, our corporate social responsibility program
focuses on education and entrepreneurship as well as partnerships with national
programs such as Gawad Kalinga.</p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&#147;We are a serious partner in this
country&#146;s economic growth and welfare.  Since 1998, we have been relentless in
making PLDT a world-class company with management practices, corporate
governance and operating results that are equally world-class. That commitment
continues today. It should be noted that our performance has not been a result
of our size but rather, our commitment to innovation and the focused execution
of our business plans. After several years of significant expansion, our
businesses are approaching a &#147;tipping point&#148; as we embrace new technologies
that could provide exciting opportunities for growth. We are committed to
optimizing technologies by investing in a next generation network, broadband
and 3G while maximizing our current networks. Seen in the context of the
future, our strong financial results are in fact critical in underpinning the
next round of significant investments required for the next generation
infrastructure,&#148; commented Pangilinan. </p>

<p style='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">Outlook for 2006</p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">&#147;Because we expect a more challenging
operating environment, we have chosen to take a prudent view of our 2006
prospects. Growth in core earnings will be benign as revenue growth moderates.
Cash flows will remain robust despite higher capital expenditures. We will
still aim to increase shareholder returns by raising dividends to at least 50%
of 2006 earnings and continue strengthening our balance sheet by reducing debts
by at least another US$300 million. In effect, we anticipate 2006 to be a year
of transition as we lay the groundwork for future growth before reaping the
benefits in 2007 and onwards,&#148; concluded Pangilinan.</p>

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">###</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 align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><img width=558
height=404 src="fs_ussec001.gif"></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">&nbsp;</p>

<p style='margin-left:38.25pt;text-indent:-20.25pt' style="margin-top:0;margin-bottom:0"><i>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </i><i>As
restated </i></p>

<p style='margin-left:38.25pt;text-indent:-20.25pt' style="margin-top:0;margin-bottom:0"><i>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </i><i>EPS
based on reported net income</i></p>

<p style='margin-left:38.25pt;text-indent:-20.25pt' style="margin-top:0;margin-bottom:0"><i>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </i><i>Net
income excluding the net impact of gains/losses on FX and derivative
transactions and certain adjusting items</i></p>

<p style='margin-left:38.25pt;text-indent:-20.25pt' style="margin-top:0;margin-bottom:0"><i>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </i><i>EPS
based on net income excluding the net impact of gains/losses on FX and
derivative transactions and certain adjusting items</i></p>

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

<p style='text-align:justify' style="margin-top:0;margin-bottom:0"><i>This press release may contain some
statements which constitute &#147;forward-looking statements&#148; that are subject to a
number of risks and uncertainties that could affect PLDT&#146;s business and results
of operations.  Although PLDT believes that expectations reflected in any
forward-looking statements are reasonable, it can give no guarantee of future
performance, action or events.</i></p>

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

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

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

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

<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;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 Archipelago 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 www.pldt.com.ph.</p>

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

<p style='text-align:justify;line-height:normal' 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>

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

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

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

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

<p style="margin-top:0;margin-bottom:0">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:192.0pt;text-align:justify' style="margin-top:0;margin-bottom:0">By        :
<u> </u></p>

<p style='margin-left:192.0pt;text-align:justify' style="margin-top:0;margin-bottom:0">Name  :     Ma.
Lourdes C. Rausa-Chan</p>

<p style='margin-left:192.0pt;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">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">Date:  February
27, 2006</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</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_ussec001.gif
<TEXT>
begin 644 fs_ussec001.gif
M1TE&.#EA+@*4`7<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`0`!``I`HT!@`````````+_A(^IR^T/HYRTVHNSWKS[%X3B$2IB
M29ZC>7X+BJ9>[-;VC>?ZSO?^_XG!`BP#S4AD").W8>)HDD"!U*KUBLUJM[8E
MLOA%3`'C)A.L/#O*W+;[#8_+Y[(PU"M6UUG>Y;%EEU3B)[@"^,5&I[C(V.CX
M&$96B/:G%YD72#0X&=BY*5CG)(F8"&EZBIJJJJ'"=.>J-C8EZK2".8J[>0E(
MRUFZ"APL/,PXJX>W]V39FWG&/"H*[:O226Q]C9V=94P9:XFK7$UC^ZR;.WU9
MK;W.WNZ.P1T.GBPO+:[)>>Z)CZZO;_LNH,"![8SQ.G0K#;F%S93AJ06+H:1Q
M^`A:O(@QH\:-_QP[>OP(,J3(D4%:F3R),J7*E2Q;NGP),Z;,F31KVB2)DYW-
MG3Q[^OP)-*A0F3F+&CV*-*G2I4R;.GT*50JU#;_B_*H:-:O61U@;P$)U]=O6
ML62+B95*SU'8LFS;+C(8T9FABBDJA5I(R.%7BN`.F7,+./"65^H2CG@6R=R@
MNV"&T/VT;Z+@R92IM+KWXJL_NX@/-NY7[O'9RJ1+LSK6KUXOA/8FSO67Q_/F
M0BVBF;Z-&Q[JPGL0%[$]&PWCX+>ZYCZ>FS!LPZ!1:U:<;SBSU_8`(K^./6%L
MS9\36T<BEU#TNL_WQI5A/+OZ]3B^LW\/OV/Z^/3K$V-M/[_^_?S[^___#V"`
M`@Y(8($&'I@<?CG,1UX]"#X8&'`+CK9&/NY!B.%6R.C`H#P*9@@B5!OZ!9!G
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M:@.5N"'1RV6[+]!%*=AD=_E:1##3'LHZ)%PJ"OUOUP`GV=MK7%?M]`O9LCCU
MU&E.VV36A25BJH_'SCA>M$)#]JJP96?V<]HD-EWNU4V/?>??8_X%7.+E'2XW
MDW+[O'(E,Q/]*M63_YNY+7<0S`6VLTO[&S;8XN$ZS4'MCHQS6JX:??3E^ZZK
M^>9UHSCND_0@/G/E#NV=AG:J-TZ<Y54J)QV%=W<K6?&?+YY\9,,Z?WK(28<M
M9)#"*YV7X%9O)_,N6I*=3*AZJ8-[]KQW$_==YGL=<\^BDAW]^5I!#J/\`-+O
M%/[V[\]___[_#\``"G"`>)H>%N)'0!=`#2^CTE^YEF$=!E8(70=T8`*[,#MG
M$2\D&9P6O,1"G0OFI%[Z`ART"M?!,G0N8&,:W]<&5KKNN7"%V<.==]:7,A(N
MCR1KL1(%$=&7TCTK5M[1(.OLQCR\->N#D=O-.5+'P0\%\5H@Y$<2T15!X/\Q
M;H@=K)ZX\O8XF+F'&EZRH$XHF+FMV:YYN@-8SKIEPU>P9G2,ZUR8.&=&AL&M
MA`C$!IQ@5[!,*.^)L4E''VCG.^:$(VE@Q!'*2J&W/OH1B[ESG2(=UYWJT0H]
M2Z0>(1ECK%W]$&2$81%L)'D-7GW'514*7QIIMK-"JD^&VA%?+(,XQ?,\<BJ.
ML=GV!/8^"0Y-A&W)(U*,2<SYD0:9R6RF,Y\)S6A*<YH^D.*<4$G-]JRH;9:,
M(LW,)T4LF5!VV33+,@S939!D292`^]XHRRD,_,C"&\R<9!7Y!B?OL>DO74M?
M"\&G1#?"<W-<[)TL>:A"""ZMEN4AW;UZ::\I2D;_;P,EIU[*Y"EL#@-YB<QE
M*SW92.TIKHB:U"@!U6:E7Q:+:7+D#4,'Z2^UC127PY)711.IRF^9%!@_)%X^
MYW&\ASJ177/3Y$TG(%-ZVA1?/"OH<`P*2.(D%7I77.A1NQ&\0,(*2E#\*0LY
M></8!0^@S=GI`)%H)I6>$!.2P^-5DU+/$;X5,''%25WG"@**Z54E$=BK7V."
M5PK\=;#A)`]A#PNZP"IVL8QMK&,?"]G(2E92HC+L16GCQ)OI<I@"G>-=)VN%
M5T*2CV:E`Q6+)E*L@3:>8^0HW]SW647(T[6O565L5UO-LUGQGJI1JQ\+VD/;
MXI:UF8P'3F\KVTH2ZVZ^_QUN<G=7,,G]K'6R_"-S2^O<'4#Q==W$[AS<R5W*
MC3.[;\'H\-+I73F,B)*"2RQY(<'(3EHMO59)X6:?VMSWPH&._<2:9[6%V:@9
M5IAIU:\VD`LK`\NU,@A6L(,OAMC!]C7"%%[J@R^,X0QK>,,<[K"'/PSB$(MX
MQ"0NL8E/C.(4JWC%+&ZQBU\,XQC+>,8TKK&-;XSC'$O6O3J6'3<-RCX+OP-\
M;HRIO.AKXIE"EU?C#1P3E<;642*YQ&7,3!O7ZL,U_D[+E$/>W]9'9/)6.0I7
M+E87^Y;9;R[.2:MY\NH<[$^HQK#!Y;TAEYT*Y!DN$2*5;)Z"<[K&,ELNBU;.
MT?^1>3L;V0CXC5]]+Z#E;#V!13?-OYSGE<O8TRD3$UO%91V6MVQHXRE4&@XM
M*3OSZUBB8L_3UTO-`CNJ9E!Z6;1(PZ&C)>+*S@KY@;X\B2L+BY8>6X#.'"'V
M=(4-@F5J0=/(;K:SGPWM:$M[VM2NMK6OC>UL:WO;W.ZVM[\-[G"+>]SD+K>Y
MSXWN=*O;5LR&=:&I8FSI$1BZOV[WP^:M:UN[^P=5B9^]O]6P-S_!S@5N=0FE
M>O!]5W-/_\:@QBC*10-*VG<2VJZL;?9E?LX6J&[M[Z(OGF_SS+JM`?.JIB!^
MAUS&N\X49Z^[(7IJF)>:5B$%-`E+W68VIQ"LJ.83OG/_UK,F#WF[F-8JPE.+
MR54GG6M)5_K1&?KQ:J%<M<<&\"8OBKZ/JOKI[EW-:4_)LTOO.<"3LR&_IJ[/
MJC.UX'C>8Z2Y+F5/5RZA;X=[.\NZ<@2AG>.O/=0[A3K>1M9\=CCOY$P'O_0^
M/YG=P!,X21L^&"VV">1Y)1^!.[/*D7/'<(T>:ZVKVODG0OQ3\,.LG'8=M!^3
M0JE;RSNR74^U=2](V;*OO>UOC_O<ZW[WO.^][W\/_.`+?_C$+[[QCX_\Y"M_
M^<QOOO.?#_T(-778B+X`ZE6%2B<YDBIYGA3=&WW]Z[F0T>P+^FGN+%C]\;,#
M#U$[]?N^C?I8FGQ"7[OVHGQW_[9O0_WU#_9Q%6A:L#="6G-_`SA4EO1]HE=R
M:X8T7[5^I:=#E>4Y<6(ZG[>`AP1'!\AQX,0/&\AZ"]A_63%&3@5YYI1)H-9W
M-I>!(&A$-%=VK`9S]^!0AX15,CA1+J=S+7B#,Y<8/%>"0S9?-:-&/$2"YN5G
ML?9X6M14D=1%G&9W1T>#YO>$4Y5E4^@Z%5@:M`5X5B4?NM6`:F=<$45J7%54
M...$=X2&*^A3H,=I;31X_\5S/2<B^8=T(O%.6O)RHP8FFQ>%3$=3UE5W6]="
M)&6%G89.B:=E7K=,TU>$(1@0/.9)8*B'PO5"/L@\((5&M%&(6[2&,"5W8[>)
M9MAX`O\H?E'EA%LU>;D6A/`7-V0(.U%5;Y@C>8930Y=(B/T5B*YV>;H8AG9$
MBNV3=EX#;)]&:J'V@_'W6PGSBX\((\M8$LI(>]$GC=-(C=5HC=>(C=FHC=O(
MC=WHC=\(CN$HCN-(CN5HCN>(CNFHCNM8(!+W4=_5%9!H&<[H'W`(?Q[H=_K6
MBNF4+'#C?I%'+N[(?1,&+F/&!P=E<D.G@YYX=>^V3J:P?N^(3?U&C_<3$59V
M7_I'78=W@.ND<3329Q(HC!VH;[TCDI?T+P_(0%@8A^GB!V8S*\8E:1S9&-NS
M&%_4D7MH9TN2D)Y3<56E?9A'-Q79'[V2@%OH=P+U-A;'23C_:8A5&%0]:3=/
M0HOZ(I1/-R]H4WT^1)05=$0N9T*]U'J-N$-_^#@6AB2C1D<JF(2*UI5%J0ET
M>#MO>05^^)/[)I95Z'0Z1#=4>5GT5(-\Z7E;>(P627YHIG#`6#MX9I-\.(&(
MR):+=V>C%Y5F%YE\5I!4QW<H.7%/Y9;!F(*TQ)<<:(JF9U&SQ(JFJ9+KY8!:
MN"GVB(<J1Y?\QDL-N(]&)X*SR6[1N!Z%69"\V9NZV8P51C$31IP1YES'69P^
MIIR$Q8[/"9WB&)<`%YV'XBVI4IU=V$_9:9W*XBO<R7XPM(]9,XRXZ9VN<)W2
M1)H0)%VH.(2<U7(9T(NW*(7^YQ7>__(KTW1:-(E:P*0ZW,6/IWE)%*F1P\9"
MPJF,^VE?CIAZ8(F1!_5^@=E#'G6@&0E"U#2#"RJ'.B%Z8H5]0FA],!0ZHP$Z
MM..&9E-.M7B(':I.>(=HKBF@`S9^H9DBA+:AV82&W^125E>'E'"C,OEN-&I$
M?MA8@OB4G3E(-?FC>HA^F.@]K+981MJCQ::!+$5V+W-L=@F4H%BD,9>*7*A9
MB#B7\BFB&!D[B56;:?E8I+E().>>(\F:B=D#"`J>=5FG=XJG>:JG>\JG?>JG
M?PJH9A$%@5HJWCEPA,JAIH*H)>HRC/B>8%H!?V"HZ+EIFQ5VXDFG"V=9'=6H
MZC>)155;MO^(HC$ZG9-:J?(%:3>:2A('I$>8?D)*H$AYCY-IJNDI0)\Y6K.J
M6?F4>;"$I>:'EFQXEJV94HIZ01FZ7$RJ+2P*H>\)HWG%>27II*'8@=1YJ"*D
MHKJEJSS*9"BUI&;Z@4"&>%B)G=::0%(J5)DZIYD%H['YJO^8K`R9:%]W4^C*
MF$AJ!V%IA.]JG@DXKMXZ4.BZ04EY-=:TKTBEK$EX?Z&$2>&'K3&'2`SJ9$I&
M41W"J`H17U\8A0K8D@%KJ;:I5+Y904IIEDQI&8AZ,RBKLBO+LBWKLB\+LS$K
MLS-+LS5KLS>+LSFKLSO+LSWKLRFF.>JJL[]"J<GIH96W;*3BL$C_*)`(VZ3=
MQZ_P8*M"NTM_1VFAQ7#(U(D<<)1(BU0%>I_G6:ZX%4+;&GGV"6_X9$Q=JT#,
M%+1BIGT4:*,?"68DF9'_U'$0>+7P"8*<L1L2*#H-944^J9J]0BUC88\8%V9,
M96N,:K+08)9%F*$[J0N*4WB1IF3T!G`!M7IMRH!QN!B$BTL"ABS7.C_'4J6"
MR:T)EZ2'AHN#2*Y@1U5U&%+CTHI4:94::E2Y(K<@US;7$75M^HXSF6G%\Y!L
M1$:IJ[NA-+=72JY=MTW;M'C\R6A.>2/6>QGE64R@\)#3)[(CRZM)U)A#0W2H
M>IFNV8;RQ;:PZWC4*XHZ:)FLN[0B8K*^_S&_V5"2L#B^"DN%[0NQN_.OYH*`
M9SJ*3>FYE/>2SB-1#:&J]`MKO6J>CWB&`HR708MKUD-6,OBWHOFQ,XJ4<E2Q
MKD6WH/IYO+@SWZN0:=6J*#R/^*6*[GIN,#Q/_RC!4#:FFQG#FJF2=2=^E@>5
M!SMNL+E;IAEZ@]9QCQED5(MB2IP*3)QC3GP*4/P_S2DQQDG%?V6T5\PH5JS%
M>O6S7PS&89QML6"H8KQ?@RK%,ZM+:3Q\CEO"$Q1^D(2?M@I-JK=``TN,%NBK
MY>>T$EI@34O#^9F?ZEE*NBNQ^(LL6S=Z:*NP!'G(:S#'95S'-IJ'S0I@=_G#
MD#J\F(A"(UID%O_Z-1BJEW\,HM"R4#39D^`:B855HI:(N6&+H49X(272P*OJ
MK`N:REEZJ<>+C\T+R^8:33+\HK7L+EQJO`S2JIHKA=!!I(PES('VR)/4=(L9
MH?WZHD9#KVMZM-\GCV$:NYD;M;+HPI4YS8H5I]D*MBDL>(U'IIR'=>@TGA5*
MLH&5L:ZXMSP*IX+;D,AHQHW`QOT,T`$MT`--T`5MT`>-T%RK4PEMIYO+T%5`
MQ/]\>V[\/G!,P>$Y<$4KT89BQ_$ZS_B,J0\JIU`;N738S,!\CZ5:M.=:R`#J
MPI=\PX(YO_/I6]/#RUZ[*AK]L*.I,SMJQ(3)6]JKR^KCR';'DH\9T=B2FLE#
M5-*F_+L^G0M+&JUW"ZQ<RK`H+<DGA5'A^]*K&U:3Z:FJ[$M^3*T/-:H/.Z#2
M"]4]S,.47,T*Y]'4^IE'!5Y6VM7VYW3G1:9F2\KRFK[1?*L6/#BB:F9'*LZ_
MRJFB>K[)$RL;+76"35--3:60J=8AZL[<,Y<:BT@?%Y$I2L!U7<1X?9NK]X7+
*]M!MX-CJ6```.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
