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<SEC-DOCUMENT>0000078150-06-000017.txt : 20060329
<SEC-HEADER>0000078150-06-000017.hdr.sgml : 20060329
<ACCEPTANCE-DATETIME>20060329060225
ACCESSION NUMBER:		0000078150-06-000017
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060329
FILED AS OF DATE:		20060329
DATE AS OF CHANGE:		20060329

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:		06716560

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

	MAIL ADDRESS:	
		STREET 1:		RAMON CONJUANGCO BLDG
		STREET 2:		MAKATI AVE
		CITY:			MAKATI METRO MANILA
		STATE:			R6
		ZIP:			0721
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>moodys_ussec032906.htm
<DESCRIPTION>PRESS RELEASE
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- -->

</head>

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

<div>

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

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

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

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

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

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

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Report of Foreign Private Issuer</p>

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

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Of the Securities Exchange Act of 1934</p>

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">For the month of March 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 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;text-justify:inter-ideograph' 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;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Form 40-F:  o</p>
 </td>
 </tr>
</table></center></div>

<p align=center style='margin-top:0in;margin-right:42.0pt;
margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:
0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph' 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='margin-top:0in;margin-right:42.0pt;
margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;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='margin-top:0in;margin-right:42.0pt;margin-bottom:
 0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
 inter-ideograph' style="margin-top:0;margin-bottom:0">Yes: o</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:0in;margin-right:42.0pt;margin-bottom:
 0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
 inter-ideograph' style="margin-top:0;margin-bottom:0">No:  y</p>
 </td>
 </tr>
</table></center></div>

<p align=center style='margin-top:0in;margin-right:42.0pt;
margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:
0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph' 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 align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph;
text-indent:.5in' style="margin-top:0;margin-bottom:0">A copy of the disclosure letter we sent today to the
Philippine Stock Exchange and the Securities and Exchange Commission regarding
the <a name="OLE_LINK1">press release issued by Moody&#146;s Investors Service
(Moody&#146;s) entitled &#147;Moody&#146;s Review PLDT&#146;s Ba1 Local Currency Rating for
Possible Upgrade; Affirms Ba2 Foreign Currency Ratings with a Negative
Outlook&#148;.</a></p>

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

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

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

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

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

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

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



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

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

&nbsp;</p>

<br clear=ALL>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">March 29, 2006</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h3>
 </td>
 </tr>
</table></center></div>

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">In
compliance with Section 17.1(b) and Section 17.3 of the Securities Regulation
Code, we submit herewith a copy of SEC Form 17-C with a press release issued by
Moody&#146;s Investors Service (Moody&#146;s) attached thereto entitled &#147;Moody&#146;s Review
PLDT&#146;s Ba1 Local Currency Rating for Possible Upgrade; Affirms Ba2 Foreign
Currency Ratings with a Negative Outlook&#148;.</p>

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

<p style="margin-top:0;margin-bottom:0">This shall also serve as the disclosure letter for the
purpose of complying with PSE Corporate Disclosure Requirements.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">March 29, 2006 </p>

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">                        SEC
Registration No. PW-55</p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">In
accordance with Section 17.1 (b) of the Securities Regulation Code, we submit
herewith five (5) copies of SEC Form 17-C with a press release issued by
Moody&#146;s Investors Service (Moody&#146;s) attached thereto entitled &#147;Moody&#146;s Review
PLDT&#146;s Ba1 Local Currency Rating for Possible Upgrade; Affirms Ba2 Foreign
Currency Ratings with a Negative Outlook&#148;.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;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;
March 29,
 2006 </p>

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Exact
name of registrant as specified in its charter</p>

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">7.         Ramon Cojuangco Building, Makati Avenue, Makati City             1200</p>

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">8.         (632) 816-8553;
816-8556                                            </p>

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Attached
hereto is a press release issued by Moody&#146;s Investors Service (Moody&#146;s)
entitled &#147;Moody&#146;s Review PLDT&#146;s Ba1 Local Currency Rating for Possible Upgrade;
Affirms Ba2 Foreign Currency Ratings with a Negative Outlook&#148;.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Date:  March
 29, 2006 </p>

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

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

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

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

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

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

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

<p style='line-height:13.15pt' style="margin-top:0;margin-bottom:0"><b><i>Moody&#146;s Investors Service</i></b>
<b>Global Credit Research</b></p>

<p align=right style=';text-align:right;
line-height:13.15pt' style="margin-top:0;margin-bottom:0"><b>Rating Action </b></p>

<p align=right style='margin-top:0in;;margin-bottom:
0in;margin-left:44.5pt;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">29 MAR 2006 </p>

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Rating Action: Philippine Long
Distance Telephone Company </b></p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
10.15pt' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
10.15pt' style="margin-top:0;margin-bottom:0"><b>MOODY'S REVIEW PLDT'S Ba1
LOCAL CURRENCY RATING FOR POSSIBLE UPGRADE; AFFIRMS Ba2 FOREIGN CURRENCY
RATINGS WITH A NEGATIVE OUTLOOK </b></p>

<p style='line-height:10.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

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

<p style='line-height:10.0pt' style="margin-top:0;margin-bottom:0">Hong Kong, March 29, 2006 --Moody's Investors Service today placed the Ba1 local
currency corporate family rating of the Philippine Long Distance Company (PLDT)
on review for possible upgrade. At the same time, Moody's affirmed PLDT's Ba2
foreign currency senior unsecured ratings, with a negative outlook. </p>

<p style='line-height:10.15pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='line-height:10.15pt' style="margin-top:0;margin-bottom:0">&quot;The review has been prompted by a continual improvement in
PLDT's financial profile and the consolidation of its strong operating
profile,&quot; says Charles Macgregor, Moody's Vice President/Senior Credit
Officer. </p>

<p style='line-height:10.15pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='line-height:10.15pt' style="margin-top:0;margin-bottom:0">&quot;The company commands over 60% of revenue in the Philippines
telecommunications market, where there is only one major competitor, which
provides PLDT with a healthy platform for cash flow generation,&quot; adds
Macgregor, who is the lead analyst for the company. </p>

<p style='line-height:10.15pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='line-height:10.15pt' style="margin-top:0;margin-bottom:0">The review will focus on: [1] growth prospects; [2] capex
requirements given prospective investment in 3G technology and a next
generation fixed network; [3] possible structural subordination, given debt at
its Smart Cellular subsidiary; [4] financial policies for the next 2-3 years;
and [4] PLDT's liquidity risk profile to ensure that it is appropriate for an investment
grade company. Moody's expects to complete its review by the end of June 2006. </p>

<p style='line-height:10.15pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='line-height:10.15pt' style="margin-top:0;margin-bottom:0">PLDT's foreign currency senior unsecured debt rating of Ba2 -ve is
above the Philippines' foreign currency country ceiling of B1
- -ve. The foreign currency senior unsecured debt rating incorporates
convertibility risk, which is the likelihood of the government declaring a debt
moratorium to counter a foreign currency crisis. Moody's views foreign currency
bonds subject to international law as less likely to be subject to a debt
moratorium than foreign currency obligations subject to local law. Therefore,
there is a differential between PLDT's foreign currency bond rating and the
sovereign rating. As such, PLDT's foreign currency bond rating is a function of
its own risk of default and the probability of a Philippine government default
on its foreign debt (implied by its B1 rating), the likelihood that the
government would declare a moratorium in the event of a default, and if it did,
the chances that it would exempt a company such as Globe. </p>

<p style='line-height:10.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='line-height:10.0pt' style="margin-top:0;margin-bottom:0">Moody's affirmation of PLDT's foreign currency ratings reflects
the correlation with the Philippine sovereign country ceiling. PLDT's foreign
currency ratings are unlikely to rise absent either an improvement in the
sovereign rating or a significant improvement in PLDT's local currency rating. </p>

<p style='line-height:10.15pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='line-height:10.15pt' style="margin-top:0;margin-bottom:0">Philippine Long Distance Company, based in Manila, Republic of the Philippines, is that country's leading provider of
integrated telecommunications services. </p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin-top:0;margin-bottom:0">SUBSCRIBERS: (612)
9270-8100 </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">&#169; Copyright 2006,
Moody's Investors Service, Inc. and/or its licensors including Moody's
Assurance Company, Inc. (together, &quot;MOODY'S&quot;). All rights reserved. </p>

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

<p style='margin-right:14.15pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-right:14.15pt;line-height:8.55pt' style="margin-top:0;margin-bottom:0">ALL INFORMATION
CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY
BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED,
TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT
USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY
MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All
information contained herein is obtained by MOODY'S from sources believed by it
to be accurate and reliable. Because of the possibility of human or mechanical
error as well as other factors, however, such information is provided &quot;as
is&quot; without warranty of any kind and MOODY'S, in particular, makes no
representation or warranty, express or implied, as to the accuracy, timeliness,
completeness, merchantability or fitness for any particular purpose of any such
information. Under no circumstances shall MOODY'S have any liability to any
person or entity for (a) any loss or damage in whole or in part caused by,
resulting from, or relating to, any error (negligent or otherwise) or other
circumstance or contingency within or outside the control of MOODY'S or any of
its directors, officers, employees or agents in connection with the
procurement, collection, compilation, analysis, interpretation, communication,
publication or delivery of any such information, or (b) any direct, indirect,
special, consequential, compensatory or incidental damages whatsoever
(including without limitation, lost profits), even if MOODY'S is advised in
advance of the possibility of such damages, resulting from the use of or
inability to use, any such information. The credit ratings and financial
reporting analysis observations, if any, constituting part of the information
contained herein are, and must be construed solely as, statements of opinion
and not statements of fact or recommendations to purchase, sell or hold any
securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS,
COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH
RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM
OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as
one factor in any investment decision made by or on behalf of any user of the
information contained herein, and each such user must accordingly make its own
study and evaluation of each security and of each issuer and guarantor of, and
each provider of credit support for, each security that it may consider
purchasing, holding or selling. </p>

<p style='line-height:8.55pt' style="margin-top:0;margin-bottom:0">MOODY'S hereby discloses that most issuers of
debt securities (including corporate and municipal bonds, debentures, notes and
commercial paper) and preferred stock rated by MOODY'S have, prior to
assignment of any rating, agreed to pay to MOODY'S for appraisal and rating
services rendered by it fees ranging from $1,500 to $2,400,000. Moody's
Corporation (MCO) and its wholly-owned credit rating agency subsidiary, Moody's
Investors Service (MIS), also maintain policies and procedures to address the
independence of MIS's ratings and rating processes. Information regarding
certain affiliations that may exist between directors of MCO and rated
entities, and between entities who hold ratings from MIS and have also publicly
reported to the SEC an ownership interest in MCO of more than 5%, is posted
annually on Moody's website at www.moodys.com under the heading
&quot;Shareholder Relations -Corporate Governance -Director and Shareholder
Affiliation Policy.&quot; </p>

<p style='margin-right:3.75pt;line-height:8.55pt' style="margin-top:0;margin-bottom:0">Moody's Investors
Service Pty Limited does not hold an Australian financial services licence
under the Corporations Act. This credit rating opinion has been prepared
without taking into account any of your objectives, financial situation or
needs. You should, before acting on the opinion, consider the appropriateness
of the opinion having regard to your own objectives, financial situation and
needs. </p>

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

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

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

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

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

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

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style=';text-align:justify;text-justify:
inter-ideograph;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='margin-top:0in;margin-right:42.0pt;
margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='margin-top:0in;margin-right:42.0pt;
margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;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-top:0in;;margin-bottom:0in;
margin-left:192.0pt;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">By          :     </p>

<p style='margin-top:0in;;margin-bottom:0in;
margin-left:192.0pt;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Name    :     Ma. Lourdes
C. Rausa-Chan</p>

<p style='margin-top:0in;;margin-bottom:0in;
margin-left:192.0pt;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Title       :     Corporate
Secretary</p>

<p style='text-align:justify;text-justify:inter-ideograph;
text-indent:3.75in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

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

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

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

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">Date:  March 29, 2006 </p>

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