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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000078150-06-000021.txt : 20060509
<SEC-HEADER>0000078150-06-000021.hdr.sgml : 20060509
<ACCEPTANCE-DATETIME>20060509061040
ACCESSION NUMBER:		0000078150-06-000021
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060509
FILED AS OF DATE:		20060509
DATE AS OF CHANGE:		20060509

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:		06818601

	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_ussec05092006.htm
<DESCRIPTION>DISCLOSURE LETTER
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<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 May 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-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 Company&#146;s financial
condition and results of operations for the three (3) months ended March 31,
2006.</p>

<p style='margin-left:0in;text-align:justify;
text-indent:.5in' 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:3.5in;text-indent:.5in' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">May 9, 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 Form 17-C with a press release attached
thereto regarding the Company&#146;s financial condition and results of operations
for the three (3) months ended March 31, 2006.</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 align=center style='text-align:center' 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>

<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">May 9, 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 align=left style='margin-left:184.5pt;text-align:left' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0"><u>Corporations
Finance Department</u></h4>

<p 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 Company&#146;s financial condition and results of
operations for the three (3) months ended March 31, 2006.</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 align=center style='text-align:center' 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 2<sup>nd</sup></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">2,192,466</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">As of March 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>
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 <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'>
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 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
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 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
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 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>
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 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
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 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>
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</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'>
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 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify' style="margin-top:0;margin-bottom:0">&nbsp;</p>
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 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>
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 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>
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 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>
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 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>
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</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;
9 May 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>

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

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

<p style="margin-top:0;margin-bottom:0"><b>PLDT Press release </b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><br>
<b><u>CORE EARNINGS UP 16% TO P7.6 BILLION;</u></b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b><u>REPORTED INCOME OF P8.6 BILLION, DOWN YOY DUE TO LOWER
FOREX GAINS; CASH FLOWS STRONG WITH EBITDA UP 8% TO P20 BILLION</u></b></p>

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

<p style='margin-left:45.0pt;text-align:justify;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:45.0pt;text-align:justify;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&#149;     Core net income of P7.6 billion (before the
effects of forex gains, deferred tax assets and additional depreciation), an
increase of 16% from first quarter 2005 </p>

<p style='margin-left:45.0pt;text-align:justify;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&#149;     Reported consolidated net income of P8.6 billion
for the first quarter 2006, 7% lower than P9.2 billion in first quarter of 2005
due to additional depreciation expenses and lower forex gains   </p>

<p style='margin-left:45.0pt;text-align:justify;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&#149;     Core net income available to common shareholders
up 22% to P7.5 billion reflecting lower dividends paid on reduced preferred
shares </p>

<p style='margin-left:45.0pt;text-align:justify;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&#149;     Consolidated EBITDA reaches P20.1 billion, up
8%; EBITDA margin improves to 67% of service revenues </p>

<p style='margin-left:45.0pt;text-align:justify;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&#149;     Consolidated net debt balance down 35% to below
P70 billion equivalent (US$1.4 billion) </p>

<p style='margin-left:45.0pt;text-align:justify;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&#149;     Piltel prepays 43% of its debts </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;line-height:12.8pt' style="margin-top:0;margin-bottom:0"><b><i>MANILA, Philippines, 9<sup>th</sup> May
2006</i></b>   &#150;&#150; Philippine
Long Distance Telephone Company (&#147;PLDT&#148;) (PSE: TEL) (NYSE: PHI) today announced
its unaudited financial results for the first quarter of 2006, reporting a
consolidated net profit of P8.6 billion, a decrease of 7% from the P9.2 billion
net profit reported in the same period last year.  The decrease is attributed
to additional depreciation expenses and lower foreign exchange gains due to
declining net debt balances. However, consolidated core earnings, before the
effects of foreign exchange, deferred tax assets and additional depreciation,
rose 16% to P7.6 billion in the first three months of 2006 compared with core
earnings of P6.5 billion for the same period in 2005. Consolidated service
revenues rose by 2% to P30 billion. Consolidated EBITDA improved by 8% to P20.1
billion while EBITDA margins rose to 67% compared with 64% last year.   </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">The Group&#146;s consolidated balance sheet
continued to strengthen with the consolidated net debt balance down by 35% to
US$1.4 billion or about P70 billion equivalent. Net debt to EBITDA and net debt
to free cash flow ratios improved to below 1.0 times and 1.7 times, respectively.
</p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">On 4<sup>th</sup> May 2006, cellular
subsidiary Pilipino Telephone Corporation (&#147;Piltel&#148;) submitted notices of its
intent to make a partial voluntary prepayment of its principal debt.  The
aggregate prepayment amount of US$177 million, or 43% of Piltel&#146;s total
outstanding debt, represents excess cash flows from Piltel&#146;s operations and
will be applied proportionally to prepay US$56 million to third party creditors
and US$121 million to Smart Communications, Inc. (&#147;Smart&#148;), Piltel&#146;s largest
creditor. The prepayment will be effected on 5<sup>th </sup>June 2006 after
which Piltel&#146;s debt balance will be reduced to approximately US$236 million in
principal. </p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">Consolidated free cash flow remained strong at P6.4 billion
despite increases in capital expenditures and working capital requirements. It
is expected that the Group&#146;s free cash flow will be increasingly used for
dividend payments with the decline in maturing debt obligations.   </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0"><b><u>&nbsp;</u></b></p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0"><b><u>Wireless: Moving Beyond Cellular </u></b></p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">Consolidated wireless service revenues
rose to P18.9 billion for the first quarter of 2006, 6% higher than the P17.8
billion realized in the same period last year. Smart and Piltel sustained their
solid performances for the quarter.  </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">Consolidated wireless EBITDA improved by
7% to P12.4 billion for the 2006 quarter versus P11.6 billion for the 2005
quarter.  EBITDA margins improved to 66%.   </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">At the end of the first quarter of 2006,
Smart&#146;s 2G cellular network had 38 switches and 6,043 base stations covering
over 99% of the country&#146;s population. Capital expenditures for the first three
months of 2006 were P2.5 billion with annual capital expenditures expected to
reach P9 billion. </p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0">The PLDT Group&#146;s total cellular subscriber base for the period
grew by approximately 491,000 to 20.9 million.  Smart recorded net additions of
approximately 117,000 subscribers while <i>Talk &#145;N Text</i> added about 374,000
subscribers to end the first quarter of 2006 with 15.5 million and </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">5.4 million subscribers, respectively.
</p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">Smart also had close to 40,000 wireless
broadband subscribers as of the end of March 2006. Smart&#146;s wireless broadband
service was re-introduced in April 2005 as <i>Smart Bro</i>, an improved
service over its earlier <i>Smart Wi-Fi</i> offering. Smart now has over 2,000
wireless broadband-enabled base stations providing high-speed internet access
to 386 cities and municipalities all over the country at very affordable
rates.  Also in April Smart rolled out <i>Smart Click,</i> a series of mobile
Internet caf&#233;s housed in an air-conditioned 40-foot container van and designed
to provide remote communities with high-speed, wireless Internet access
nationwide. Smart commenced the roll out of <i>Smart Click</i> branches on 1<sup>st
</sup>April in Ayala, Zamboanga and in Batanes. It now has 12 branches to date
with plans to roll out at least 20 more stations within the first half of the
year. </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">For the first three months of 2006, Smart
continued to offer products and services which provide value to its subscribers
in a truly innovative fashion.  The low denomination features of <i>Smart 25</i><i><sup>8</sup></i><i> Unlimited Text</i> and <i>Smart Load &#147;All Text&#148;</i> address
markets who need to maintain basic communications yet have limited spending
capacity.  The P10 and P15 flat rate call promotion has stimulated usage for
voice by giving more value for longer duration calls while the <i>Smart 25</i><i><sup>8 </sup></i><i>Combo</i> promotion offers a voice feature for the heretofore &#147;text
only&#148; market.  </p>

<p style='text-align:justify;line-height:normal' style="margin-top:0;margin-bottom:0">After opening its 3G network in selected
key cities nationwide on 14<sup>th</sup> February 2006 and offering 3G services on
a free trial basis to subscribers with 3G handsets, Smart unveiled, on <sup>st</sup> May 2006, new and expanded 3G service offerings and announced as
well the commercial rates for these services. These services include TV
streaming of major television networks, downloads of full music tracks and
video clips as well as international video calling to 13 countries. Under the
introductory pricing scheme that took effect on 1<sup>st</sup> May, <i>Smart 3G</i> rates have been aligned with existing 2G
rates while some services remain free of charge. To date, Smart&#146;s 3G network
has over 800 cell sites covering 119 cities and municipalities nationwide
representing the first and widest 3G network in the country. </p>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify' style="margin-top:0;margin-bottom:0">&#147;Viewed from the widening array of
services that we now offer, Smart is no longer just a cellular company. On the
one hand, we continue to build our 2G business through creative SMS and voice
service packages that enable us to generate incremental revenues and at the
same time further broaden our base in the large lower-income segments of the
cellular market.  On the other, we are gaining traction in the broadband area
where we offer services on mobile and fixed wireless platforms through <i>Smart
3G</i> and <i>Smart Bro</i>. We have moved into the sphere of &#147;total
communications&#148; and will pursue that path with vigour.  But no matter what
direction we move towards, we will continue to deliver value to our
subscribers,&#148; said <b>Napoleon L. Nazareno, President and CEO of PLDT and Smart</b>.</p>

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

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

</div>

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

<div>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0"><b><u>PLDT Fixed Line: Stepping up Broadband </u></b></p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">Fixed Line service revenues improved 3% to P12.1
billion in the first quarter of 2006 from P11.8 billion last year as the
increase in data revenues more than offset declines in revenues of local
exchange and ILD services.  The peso has appreciated year-on-year by 6%.  As
such, dollar-linked revenues arising from the local exchange and ILD businesses
were adversely impacted by the appreciation of the peso.  Approximately 60% of
fixed line revenues are directly or indirectly dollar-linked and have
consequently adjusted in line with exchange rate movements. </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">Retail DSL continued its strong growth as broadband
subscribers broke the 100,000 mark. Subscribers using our <i>Vibe</i> dial-up
Internet service also grew by 38,000 in the first three months of 2006 to
420,000. The Group&#146;s broadband subscribers are expected to double by the end of
2006 as network coverage expands. </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">EBITDA for the first quarter of 2006 rose by 9% to
P7.5 billion and EBITDA margins improved to 62% compared with 58% for the same
period last year.  The increase in EBITDA takes into account the significant
decline in the provision for doubtful accounts brought about by improved
collections.  </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">Additional depreciation expenses of P1.9 billion were
taken up in the first three months of 2006 due to a change in the estimated
useful lives of certain fixed assets as the migration to Next Generation
Network (NGN) progresses. Without these additional charges, total operating
expenses would have decreased by 3%. </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">Capital expenditures for the first quarter of 2006
reached P2 billion, comprising mainly of the accelerated spend on NGN. As of
the end of March 2006, our network had in place approximately 65,000
broadband-capable lines. Total capital expenditures for the year are still
expected to reach P9 billion. </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">On 5<sup>th</sup> May  2006, PLDT and Smart launched
the <i>Pwede! Card</i>, a convergent product made possible by its NGN capability.
It is the first reloadable PIN-based prepaid card that provides access to a
combined range of voice and Internet services at affordable rates.   </p>

<p style='text-align:justify' style="margin-top:0;margin-bottom:0"><i>Pwede!
Card</i> is applicable to a host of fixed
and wireless services including local, domestic and international long distance
calls, text messaging, payphones and prepaid Internet.  It can be used from
different devices such as PLDT landlines, PLDT and <i>SmartTalk</i> payphones
and Smart and <i>Talk &#145;N Text</i> cellular phones.  </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">PLDT Fixed generated free cash flow of P9.4 billion
for the period, supplemented by the P7.0 billion dividend from Smart.
Accordingly, PLDT Fixed Line reduced its debts by US$65 million during the
period resulting in PLDT Fixed Line&#146;s debt balance coming down to about US$1.3
billion as of 31<sup>st</sup> March 2006. PLDT Fixed Line&#146;s full year debt
reduction target has been raised to approximately US$300 million.  </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">&quot;The Fixed Line business continues to hold steady
even as we embark on the NGN roll-out and as we pursue the growth of the
broadband business on a parallel path with broadbanding our wireless
business,&quot; declared <b>Nazareno</b>. </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0"><b><u>ePLDT: Moving to the Forefront </u></b></p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">ePLDT, the Group&#146;s information and communications
technology arm, reported service revenues of P813 million for the first three
months of 2006, a 25% increase from P652 million realized in the same period
last year, as its various business segments continued to post improved
results.  </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">Consolidated call center revenues continued to lead
the way, growing 38% to P563 million as a result of increased capacity
utilization and upward price adjustments for additional programs being handled.
Call center revenues make up 69% of ePLDT&#146;s total revenues. Combined call
center seats reached 3,690, 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;line-height:12.8pt' style="margin-top:0;margin-bottom:0">ePLDT also continued its efforts to gain a firmer hold
on the online gaming market with the acquisition of a 20% stake in PhilWeb
Corporation (&#147;PhilWeb&#148;). PhilWeb has been appointed Principal Technology
Service Provider under an agreement with the Philippine Amusement and Gaming
Corporation.  Together with netGames and LevelUp!, its other online gaming
companies, ePLDT hopes to solidify its position as the premiere online gaming
company in the Philippines as well as bring compelling gaming content
consistent with the requirements of  the Group&#146;s range of businesses.  </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">&#147;The recent commercial launch of 3G services in the
Philippines as well as our ePLDT&#146;s own initiatives underscore the Group&#146;s
strategy of bringing rich and compelling content to its subscribers, both
broadband and mobile&#148;, said <b>Ray C. Espinosa, ePLDT President and CEO</b>. </p>

</div>

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

<div>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0"><b><u>&nbsp;</u></b></p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0"><b><u>Conclusion </u></b></p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">&#147;Our core earnings for the first quarter this year
have been more encouraging than anticipated. We envisage revenues to continue
growing whilst we manage down our cash costs, including interest expense. Cash
flows will be healthy, debts will continue to reduce across the board &#150;
including prepayment of most of Piltel&#146;s debts.   In that light, our dividend
payment policy is currently being considered with the view of raising our
payout ratio to shareholders to 60%. This reflects our improved assessment of
prospects for 2006 as a whole,&#148; concluded <b>Chairman Manuel V. Pangilinan</b>.
</p>

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

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

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

<p align=center style='margin-top:0in;margin-right:49.7pt;margin-bottom:
0in;margin-left:3.0in;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0"><b><u>PLDT Consolidated </u></b></p>

<p align=center style='margin-top:0in;margin-right:49.7pt;margin-bottom:
0in;margin-left:3.0in;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0"><b><u>For the period ended March 31, </u></b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:3.0in;margin-left:216.9pt;border-collapse:collapse'>
 <tr>
 <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"><b>2006</b></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"><b>2005</b></p>
 </td>
 </tr>
</table></center></div>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:432.9pt;border-collapse:collapse'>
 <tr style='height:11.25pt'>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:11.25pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Service revenues </b></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:11.25pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>29,975 </b></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:11.25pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>29,275 </b></p>
 </td>
 </tr>
 <tr style='height:10.9pt'>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:10.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Non-service revenues </b></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:10.9pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>709 </b></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:10.9pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>815 </b></p>
 </td>
 </tr>
 <tr style='height:13.25pt'>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:13.25pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Other income </b></p>
 </td>
 <td  style=' border:none;border-bottom:solid black 1.25pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.25pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>195 </b></p>
 </td>
 <td  style=' border:none;border-bottom:solid black 1.25pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.25pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>54 </b></p>
 </td>
 </tr>
 <tr style='height:21.75pt'>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:21.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:21.75pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>30,879 </b></p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:21.75pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>30,144 </b></p>
 </td>
 </tr>
 <tr style='height:26.0pt'>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:26.0pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Expenses </b></p>
 </td>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:26.0pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>19,602 </b></p>
 </td>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:26.0pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>17,430 </b></p>
 </td>
 </tr>
 <tr style='height:23.9pt'>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:23.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Income before income tax </b></p>
 </td>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:23.9pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>11,277 </b></p>
 </td>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:23.9pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>12,714 </b></p>
 </td>
 </tr>
 <tr style='height:24.4pt'>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:24.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Provision for income tax </b></p>
 </td>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:24.4pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>2,512 </b></p>
 </td>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:24.4pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>3,475 </b></p>
 </td>
 </tr>
 <tr style='height:19.5pt'>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:19.5pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Net income - As Reported </b></p>
 </td>
 <td  style=' border:none;border-bottom:solid black 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:19.5pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>8,581 </b></p>
 </td>
 <td  style=' border:none;border-bottom:solid black 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:19.5pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>9,217 </b></p>
 </td>
 </tr>
 <tr style='height:16.0pt'>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:16.0pt'>
 <p style="margin-top:0;margin-bottom:0"><b>EPS, Basic </b><b>(a) </b></p>
 </td>
 <td  style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:16.0pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>46.74 </b></p>
 </td>
 <td  style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:16.0pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>51.93 </b></p>
 </td>
 </tr>
 <tr style='height:19.5pt'>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:19.5pt'>
 <p style="margin-top:0;margin-bottom:0"><b>EPS, Diluted </b><b>(a) </b></p>
 </td>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:19.5pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>44.38 </b></p>
 </td>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:19.5pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>47.19 </b></p>
 </td>
 </tr>
 <tr style='height:21.25pt'>
 <td  style=' padding:0in 5.4pt 0in 5.4pt;height:21.25pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Core net income</b><b>(b) </b></p>
 </td>
 <td  valign=bottom style=' border:none;border-bottom:
 double black 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:21.25pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>7,566</b></p>
 </td>
 <td  valign=bottom style=' border:none;border-bottom:
 double black 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:21.25pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b> 6,538 </b></p>
 </td>
 </tr>
 <tr style='height:16.5pt'>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:16.5pt'>
 <p style="margin-top:0;margin-bottom:0"><b>EPS, Basic </b><b>(c) </b></p>
 </td>
 <td  style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:16.5pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>41.13 </b></p>
 </td>
 <td  style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:16.5pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>35.96 </b></p>
 </td>
 </tr>
 <tr style='height:45.75pt'>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:45.75pt'>
 <p style="margin-top:0;margin-bottom:0"><b>EPS, Diluted </b><b>(c) </b></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:45.75pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>39.08 </b></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:45.75pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>33.04 </b></p>
 </td>
 </tr>
 <tr style='height:43.9pt'>
 <td  valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:43.9pt'>
 <p style="margin-top:0;margin-bottom:0">(a) EPS based on reported net income </p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:43.9pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:43.9pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

<p style='margin-top:0in;;margin-bottom:0in;
margin-left:13.5pt;margin-bottom:.0001pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0"><sup>(b) </sup>Net
income as adjusted for the net effect of gain/loss on FX and derivative
transactions, additional depreciation charges and recognition of deferred tax
assets </p>

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

<p style="margin-top:0;margin-bottom:0">(c)  EPS based on core net income </p>

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0"><i>&nbsp;</i></p>

<p style='text-align:justify;line-height:12.8pt' 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>

</div>

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

<div></div>

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

<div>

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

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0"><b>For further information, please contact: About PLDT </b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:463.65pt;border-collapse:collapse'>
 <tr style='height:23.5pt'>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:23.5pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Anabelle L. Chua </b>Tel No: 816-8213 </p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:23.5pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Anna V. Bengzon</b></p>
 <p style="margin-top:0;margin-bottom:0">Tel No: 816-8024 </p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt;
 height:23.5pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Ramon R. Isberto</b></p>
 <p style="margin-top:0;margin-bottom:0">Tel No: 511-3101 </p>
 </td>
 </tr>
 <tr style='height:10.5pt'>
 <td  valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:10.5pt'>
 <p style="margin-top:0;margin-bottom:0">Fax No: 844-9099 </p>
 </td>
 <td  valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:10.5pt'>
 <p style="margin-top:0;margin-bottom:0">Fax No: 810-7138 </p>
 </td>
 <td  valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:10.5pt'>
 <p style="margin-top:0;margin-bottom:0">Fax No: 893-5174 </p>
 </td>
 </tr>
</table></center></div>

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

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

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

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

<p style='text-align:justify;line-height:12.8pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;line-height:12.8pt' 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:12.8pt' 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).  PLDT has one of the largest market capitalizations among
Philippine listed companies. </p>

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-indent:.5in' style="margin-top:0;margin-bottom:0">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant 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:  May 9,
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>

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