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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000078150-06-000027.txt : 20060608
<SEC-HEADER>0000078150-06-000027.hdr.sgml : 20060608
<ACCEPTANCE-DATETIME>20060608060447
ACCESSION NUMBER:		0000078150-06-000027
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060608
FILED AS OF DATE:		20060608
DATE AS OF CHANGE:		20060608

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:		06892746

	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>fitch_ussec.htm
<DESCRIPTION>DISCLOSURE LETTER
<TEXT>
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</head>

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

<div>

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

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

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

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

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

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

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

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

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

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

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

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">For the month of June 2006</p>

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Commission File Number 1-03006</p>

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

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Exact Name of Registrant as specified in its
Charter)</p>

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

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

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

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

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

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

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

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='margin-left:59.4pt;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">Form 20-F:  y</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">Form 40-F:  o</p>
 </td>
 </tr>
</table></center></div>

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

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:
0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">(Indicate by check mark
whether by furnishing the information contained in this form, the registrant is
also thereby furnishing the information to the commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act 1934.)</p>

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='margin-left:59.4pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:0in;margin-right:42.0pt;margin-bottom:
 0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
 inter-ideograph' style="margin-top:0;margin-bottom:0">Yes: o</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='margin-top:0in;margin-right:30.6pt;
 margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0">No:  y</p>
 </td>
 </tr>
</table></center></div>

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

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:
0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">(If &#147;Yes&#148; is marked, indicate
below the file number assigned to the registrant in connection with Rule
12g3-2(b):  82-_____)</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph;
text-indent:.5in' style="margin-top:0;margin-bottom:0">A copy of the disclosure letter we sent today to the
Philippine Stock Exchange and the Securities and Exchange Commission regarding
the <a name="OLE_LINK1">press release issued by Fitch Ratings (Fitch) entitled
&#147;Fitch Upgrades PLDT&#146;s Local Currency IDR to &#145;BBB-&#145;, Assigns AAA (phl) National
Rating&#148;.</a></p>

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

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

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

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

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



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

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

&nbsp;</p>

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

<br clear=ALL>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">June 8, 2006</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h3>
 </td>
 </tr>
</table></center></div>

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">In
compliance with Section 17.1(b) and Section 17.3 of the Securities Regulation
Code, we submit herewith a copy of SEC Form 17-C with a press release issued by
Fitch Ratings (Fitch) attached thereto entitled &#147;Fitch Upgrades PLDT&#146;s Local
Currency IDR to &#145;BBB-&#145;, Assigns AAA (phl) National Rating&#148;.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">June
8, 2006 </p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">In
accordance with Section 17.1 (b) of the Securities Regulation Code, we submit
herewith five (5) copies of SEC Form 17-C with a press release issued by Fitch
Ratings (Fitch) attached thereto entitled &#147;Fitch Upgrades PLDT&#146;s Local Currency
IDR to &#145;BBB-&#145;, Assigns AAA (phl) National Rating&#148;.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
June 8, 2006 </p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Attached
hereto is a press release issued by Fitch Ratings (Fitch) entitled &#147;Fitch
Upgrades PLDT&#146;s Local Currency IDR to &#145;BBB-&#145;, Assigns AAA (phl) National
Rating&#148;.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Date:  June 8, 2006 </p>

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

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

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

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

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

<p align=center style='text-align:center;line-height:15.8pt' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p align=center style='text-align:center;line-height:15.8pt' style="margin-top:0;margin-bottom:0"><b>Fitch Upgrades PLDT&#146;s Local Currency IDR
To &#145;BBB-&#146;, Assigns AAA(phl) National Rating </b></p>

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
11.3pt' style="margin-top:0;margin-bottom:0">Fitch Ratings-Hong
Kong/Singapore-7 June 2006: Fitch Ratings has today upgraded Philippine Long
Distance Telephone Company&#146;s (&#147;PLDT&#148;) Long-term local currency Issuer Default
Rating (&#147;IDR&#148;) to &#145;BBB-&#146; from &#145;BB+&#146;. The Outlook is Positive. At the same time,
Fitch has affirmed PLDT&#146;s Long-term foreign currency IDR of &#145;BB&#146; with a Stable
Outlook, which is reflective of the Outlook on the Republic of the Philippines&#146; Long-term foreign currency IDR of &#145;BB&#146;. The agency also affirmed PLDT&#146;s global
bonds and senior notes at &#145;BB&#146;. Following the licensing of Fitch to provide
National ratings in the Philippines, the agency has assigned PLDT a National
Long-term rating of &#145;AAA(phl)&#146; with a Stable Outlook. </p>

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
11.3pt' style="margin-top:0;margin-bottom:0">The upgrade of the local
currency IDR recognises PLDT&#146;s continuing strong operating and financial
performances and more robust nature which renders the company more resilient to
changing industry dynamics than its competitors. Today&#146;s rating action also is
acknowledgment that most of PLDT&#146;s key credit protection measures are much
stronger than similarly rated operators in Asia and globally. The Positive
Outlook reflects Fitch&#146;s expectation that PLDT can sustain its leading market
positions whilst making further improvement to its financial profile despite
the prospect of higher investment and shareholder distributions. </p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
11.3pt' style="margin-top:0;margin-bottom:0">PLDT&#146;s ratings take into
account its pre-eminent market position in the Philippine telecom industry. As
the incumbent and the most diversified and integrated operator, PLDT enjoys an
estimated 67% market share of local exchange service subscribers with around
2.1 million customers at FYE05. At the same time, aggregate cellular
subscribers of subsidiaries Smart Communications Inc. and Pilipino Telephone
Corporation was 20.4m at FYE05 (approximately 58% market share) which had
increased to 20.9m by Q106. Furthermore, PLDT reportedly has some 80% of
subscribers in the nascent broadband market. PLDT&#146;s leading industry position
is partly attributable to the neutral regulatory regime but also to the
relatively limited financial flexibility of most of its competitors.
Consequently, PLDT remains well-positioned to capture a large percentage of net
additions in industry subscribers and to invest in further growth
opportunities. </p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
11.3pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
11.3pt' style="margin-top:0;margin-bottom:0">Even though PLDT&#146;s fixed-line
customer base has contracted slightly in recent years, it nevertheless
generates stable, positive free cash flow (&#147;FCF&#148;). Meanwhile, its cellular
units continue to boost FCF levels through subscriber growth and improved
efficiency which has supported relatively high and expanding margins in recent
years. On a consolidated basis, PLDT&#146;s robust operations and lower capex
requirements have contributed to consistent increases in FCF in spite of its
rising shareholder distributions. Surplus cash flow has facilitated significant
net debt reduction hence a marked improvement in key credit metrics over time.
For example, net adjusted debt (net debt plus 8x operating lease rentals) to
EBITDAR has been lowered to 1.2x at FYE05 from 2.1x at FYE04. At the same time,
funds from operations (&#147;FFO&#148;) to gross interest increased to 6.4x from 5.6x
while FCF (post dividends) currently equates to 44% of net debt.
Notwithstanding the capex required for 3G network rollout during 2006 to 2008
(estimated by PLDT to be USD150m) and rising shareholder returns, Fitch expects
PLDT to further strengthen its financial profile on account of its decision to
retire USD350m of debt in 2006. PLDT&#146;s continued de-leveraging is indicative of
management&#146;s prudent approach of ensuring adequate financial flexibility to
meet both internal requirements and to mitigate risk that might arise should
competition intensify further in light of the penetration of the addressable
cellular service market being 70% at FYE05 (estimated by Fitch) and the recent
licensing of four 3G operators. </p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
11.3pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
11.3pt' style="margin-top:0;margin-bottom:0">In order to trigger an
upgrade of the local currency IDR, Fitch would expect PLDT to sustain net
adjusted leverage around or below 1.0x, thus likely indicating that the
management remains committed to ongoing fiscal prudence and that PLDT is able
to manage well the prevailing industry challenges. On the other hand, the
rating could be lowered should net adjusted leverage rise to 1.8x, which either
would be event driven or signify that PLDT is more susceptible to industry
volatility. In terms of its foreign currency IDR, PLDT remains constrained by
the foreign currency IDR of the Republic of the Philippines, which currently is
&#145;BB&#146;, Outlook Stable. The National rating of &#145;AAA(phl)&#146; incorporates all the
above factors and is indicative of PLDT&#146;s relative credit strength among all
Philippine companies. </p>

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

<p style='margin-bottom:16.75pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:16.75pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">CONTACTS: Jonathan Cornish, Hong Kong, Tel:
+852 2263 9901; Priya Gupta, Singapore, Tel: +65 6884 5085. </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Fitch's rating definitions and the terms of use of such
ratings are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this site, at
all times. Fitch's code of conduct, confidentiality, conflicts of interest,
affiliate firewall, compliance and other relevant policies and procedures are
also available from the 'Code of Conduct' section of this site. </p>

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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">&nbsp;</p>

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

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

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

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

<p style=';text-align:justify;text-justify:
inter-ideograph;text-indent:.5in' style="margin-top:0;margin-bottom:0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">Date:  June 8, 2006</p>

</div>

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