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Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000078150-07-000017.txt : 20070601
<SEC-HEADER>0000078150-07-000017.hdr.sgml : 20070601
<ACCEPTANCE-DATETIME>20070601061239
ACCESSION NUMBER:		0000078150-07-000017
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070601
FILED AS OF DATE:		20070601
DATE AS OF CHANGE:		20070601

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:		07892439

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

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

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

<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:
center' style="margin-top:0;margin-bottom:0"><br>
SECURITIES AND EXCHANGE COMMISSION<br>
 Washington, D.C. 20549 </p>

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">FORM 6-K</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='margin:0pt;margin-bottom:.0001pt;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 <br>
of the Securities Exchange Act of 1934</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" style="margin-top:0;margin-bottom:0"><b>For the month of June 2007</b></h4>

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

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

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

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

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

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

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

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

<p style='margin-left:72.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">Form
20-F      &#214;                                  Form
40-F</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='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 of 1934.)</p>

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

<p style='margin-left:72.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">
Yes                                                        No       &#214;</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">(If &quot;Yes&quot; is
marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b): 82- ________ )</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">NOTE REGARDING
FORWARD-LOOKING STATEMENTS</p>

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

<p style='margin-bottom:12.0pt;text-indent:36.0pt' style="margin-top:0;margin-bottom:0">Some information in this report may contain
forward-looking statements within the meaning of Section 27A of the U.S.
Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of
1934.  We have based these forward-looking statements on our current beliefs,
expectations and intentions as to facts, actions and events that will or may
occur in the future.  Such statements generally are identified by
forward-looking words such as &#147;believe,&#148; &#147;plan,&#148; &#147;anticipate,&#148; &#147;continue,&#148; &#147;estimate,&#148;
&#147;expect,&#148; &#147;may,&#148; &#147;will&#148; or other similar words.</p>

<p style='margin-bottom:12.0pt;text-indent:36.0pt' style="margin-top:0;margin-bottom:0">A forward-looking statement may include a
statement of the assumptions or bases underlying the forward-looking
statement.  We have chosen these assumptions or bases in good faith.  These
forward-looking statements are subject to risks, uncertainties and assumptions,
some of which are beyond our control.  In addition, these forward-looking
statements reflect our current views with respect to future events and are not
a guarantee of future performance.  Actual results may differ materially from
information contained in the forward-looking statements as a result of a number
of factors, including, without limitation, the risk factors set forth in
&#147;Item&nbsp;3. Key Information &#150; Risk Factors&#148; in our annual report on Form 20-F
for the fiscal year ended December 31, 2005.  You should also keep in mind that
any forward-looking statement made by us in this report or elsewhere speaks
only as at the date on which we made it.  New risks and uncertainties come up
from time to time, and it is impossible for us to predict these events or how
they may affect us.  We have no duty to, and do not intend to, update or revise
the statements in this report after the date hereof.  In light of these risks
and uncertainties, you should keep in mind that actual results may differ
materially from any forward-looking statement made in this report or elsewhere.</p>

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

<p align=center style='margin-top:0pt;margin-right:10.35pt;margin-bottom:0pt;
margin-left:9.0pt;margin-bottom:.0001pt;text-align:center' 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 align=center style='margin-top:0pt;margin-right:10.35pt;margin-bottom:0pt;
margin-left:9.0pt;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0"><b>EXHIBITS</b></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>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:428.75pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>Exhibit Number</u></p>
 </td>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>&nbsp;</u></p>
 </td>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>Page</u></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">1</p>
 </td>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p style='margin-right:12.6pt;text-align:justify;text-justify:
 inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">A copy of the
 disclosure letter we sent today to the Philippine Stock Exchange and the Securities
 and Exchange Commission regarding the press release issued by Moody&#146;s
 Investors Service (Moody&#146;s) entitled &#147;Moody&#146;s upgrades PLDT&#146;s local currency
 rating to Baa2; outlook stable&#148;.</p>
 <br clear=all
 style='page-break-before:always'>

 <p style='text-indent:36.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">6</p>
 </td>
 </tr>
</table></center></div>

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

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

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

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:478.8pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">June 1, 2007 </p>
 </td>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 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:        Atty.
Pete M. Malabanan </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">                        <u>Head,
Disclosure Department</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="margin-top:0;margin-bottom:0">In compliance
with Section 17.1(b) and Section 17.3 of the Securities Regulation Code, we
submit herewith a copy of SEC Form 17-C with a press release issued by Moody&#146;s
Investors Service (Moody&#146;s) attached thereto entitled &#147;Moody&#146;s upgrades PLDT&#146;s
local currency rating to Baa2; outlook stable&#148;.</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 Corporate
Disclosure Requirements.</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">Respectfully yours,</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"><u>/s/ Florentino
D. Mabasa, Jr.</u><u> </u></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">FLORENTINO D. MABASA, JR.</p>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=187></td>
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 <tr>
 <td></td>
 <td  height=52 style='vertical-align:top'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 1 of 6</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
 &nbsp;</p>

<br clear=ALL>

<p align=right style=';text-align:right' style="margin-top:0;margin-bottom:0">Exhibit
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-top:0;margin-bottom:0">June 1, 2007 </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">SECURITIES &amp;
EXCHANGE COMMISSION</p>

<p style="margin-top:0;margin-bottom:0">Money Market
Operations Department</p>

<p style="margin-top:0;margin-bottom:0">SEC Building, EDSA</p>

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

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

<p style="margin-top:0;margin-bottom:0">Attention         :           Director
Justina F. Callangan</p>

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

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

<p 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="margin-top:0;margin-bottom:0">                        SEC
Registration No. PW-55</p>

<p 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 the Securities Regulation Code, we submit herewith
five (5) copies of SEC Form 17-C with a press release issued by Moody&#146;s
Investors Service (Moody&#146;s) attached thereto entitled &#147;Moody&#146;s upgrades PLDT&#146;s
local currency rating to Baa2; outlook stable&#148;.</p>

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

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

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

<p style="margin-top:0;margin-bottom:0"><u>/s/
Florentino D. Mabasa, Jr.</u></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">FLORENTINO D. MABASA, JR.</p>

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=227></td>
 </tr>
 <tr>
 <td></td>
 <td  height=52 style='vertical-align:top'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 2 of 6</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
&nbsp;</p>

<br clear=ALL>

<p align=right style=';text-align:right' style="margin-top:0;margin-bottom:0">Exhibit
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 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:0pt' 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='margin-left:36.0pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-36.0pt' 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 1, 2007</p>

<p style='margin-left:36.0pt;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:36.0pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-36.0pt' 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:36.0pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-36.0pt' 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:36.0pt;text-indent:-36.0pt' 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="margin-top:0;margin-bottom:0">            Exact
name of registrant as specified in its charter</p>

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

<p style='margin-left:36.0pt;text-indent:-36.0pt' style="margin-top:0;margin-bottom:0">5.         PHILIPPINES
6. _____________ (SEC Use Only)  </p>

<p style='margin-left:36.0pt;text-indent:-36.0pt' 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.         9<sup>th</sup>
 Floor MGO Building</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Legaspi
corner dela Rosa Streets, 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                                           </p>

<p align=left style='text-align:left;text-indent:36.0pt' 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>

<p 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 align=left>
 <tr>
 <td  height=125></td>
 </tr>
 <tr>
 <td></td>
 <td  height=52 style='vertical-align:top'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 3 of 6</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all style='page-break-before:
always'>
 &nbsp;</p>

<br clear=ALL>

<p align=right style=';text-align:right' style="margin-top:0;margin-bottom:0">Exhibit 1</p>

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

<p style="margin-top:0;margin-bottom:0">11.       Item
9 &#150; Other Events</p>

<p style='margin-left:9.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Attached hereto
is a press release issued by Moody&#146;s Investors Service (Moody&#146;s) entitled
&#147;Moody&#146;s upgrades PLDT&#146;s local currency rating to Baa2; outlook stable&#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">&nbsp;</p>

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

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

<p 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="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:432.3pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">TELEPHONE COMPANY</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>/s/ Florentino D. Mabasa, Jr.</u></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">FLORENTINO D. MABASA, JR. </p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Assistant Corporate Secretary</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Date:   June 1, 2007</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:36.0pt' style="margin-top:0;margin-bottom:0">                        1
copy    - Philippine Stock Exchange</p>

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

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

<p align=right style=';text-align:right' 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 align=left>
 <tr>
 <td  height=191></td>
 </tr>
 <tr>
 <td></td>
 <td  height=52 style='vertical-align:top'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 4 of 6</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br
clear=all style='page-break-before:always'>
Exhibit 1</p>

<p 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 style='height:48.2pt'>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt;
 height:48.2pt'>
 <p style='text-align:justify;text-justify:inter-ideograph;
 line-height:13.15pt' style="margin-top:0;margin-bottom:0"><b>Moody&#146;s Investors
 Service</b></p>
 <p style='text-align:justify;text-justify:inter-ideograph;
 line-height:13.15pt' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt;
 height:48.2pt'>
 <p align=right style='text-align:right;line-height:13.15pt' style="margin-top:0;margin-bottom:0"><b>Global Credit Research</b></p>
 <p align=right style='text-align:right;line-height:13.15pt' style="margin-top:0;margin-bottom:0"><b>Rating Action </b></p>
 <p align=right style='margin-top:0pt;margin-right:0pt;
 margin-bottom:27.15pt;margin-left:45.0pt;text-align:right;line-height:13.15pt' style="margin-top:0;margin-bottom:0">31 MAY 2007</p>
 </td>
 </tr>
</table></center></div>

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

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

<p style='margin-bottom:17.5pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Moody's upgrades PLDT's local currency
rating to Baa2; outlook stable </b></p>

<p style='margin-right:5.25pt;text-align:justify;text-justify:inter-ideograph;
line-height:10.15pt' style="margin-top:0;margin-bottom:0">Hong
 Kong, May
31, 2007 --Moody's Investors Service has upgraded Philippines Long Distance
Telephone Company's (PLDT) local currency corporate family rating to Baa2 from
Baa3. This action concludes the review for possible upgrade that commenced on
11 April 2007. At the same time, Moody's has affirmed PLDT's Ba2 foreign
currency bond rating. The outlook on the ratings is stable. </p>

<p style='margin-right:18.65pt;text-align:justify;text-justify:inter-ideograph;
line-height:10.15pt' style="margin-top:0;margin-bottom:0">&quot;The
rating action reflects continued improvements in PLDT's financial profile and
the consolidation of its strong operating performance,&quot; says Laura Acres,
a Moody's Vice President. </p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
10.15pt' style="margin-top:0;margin-bottom:0">&quot;In
subscriber terms, the company holds 58% of the Philippines wireless market and
63% of the fixed-line business, and both positions contribute to its healthy
free cash flow generation capabilities,&quot; adds Acres, also Moody's lead
analyst for PLDT. </p>

<p style='margin-right:25.5pt;text-align:justify;text-justify:inter-ideograph;
line-height:10.15pt' style="margin-top:0;margin-bottom:0">PLDT's
local currency issuer rating of Baa2 also reflects the company's position as
the largest telecommunications operator in the Philippines; strong consolidated
financial metrics; dominant market position, founded on its integrated business
platform; and the company's moderate sensitivity to technological developments
and competitive pressures. </p>

<p style='margin-right:5.25pt;text-align:justify;text-justify:inter-ideograph;
line-height:10.15pt' style="margin-top:0;margin-bottom:0">However,
these factors are counterbalanced by country-specific issues, such as
uncertainty surrounding the Philippines' political and economic environment.
Any deterioration in the political system or changes in the regulatory regime
could impact PLDT's operating profile and prospects for growth. </p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
10.15pt' style="margin-top:0;margin-bottom:0">The stable
outlook reflects Moody's expectation that PLDT will execute its business plan
as outlined. </p>

<p style='margin-right:23.15pt;text-align:justify;text-justify:inter-ideograph;
line-height:10.15pt' style="margin-top:0;margin-bottom:0">In
addition, Moody's affirmation of PLDT's foreign currency bond rating reflects
the fact that the rating is unlikely to rise without an improvement in the Philippines foreign currency country ceiling. </p>

<p style='margin-right:5.25pt;text-align:justify;text-justify:inter-ideograph;
line-height:10.15pt' style="margin-top:0;margin-bottom:0">PLDT's
financial metrics exhibit strong investment grade characteristics; hence any
upward pressure on the local currency rating would be more reflective of a
stabilizing economic, political and social environment reducing the operating
environment uncertainties. Specifically, Moody's would look for PLDT to maintain
its existing sound financial profile. </p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
10.15pt' style="margin-top:0;margin-bottom:0">On the
other hand, downward pressure is not expected, given that PLDT currently enjoys
a healthy financial and operating risk profile. Event risk is always a
possibility because of the parlous state of the socio&#173;economic and political
environment, and such risk would be measured by EBITDA margins falling below
50% or debt/EBITDA rising above 2.0x. Furthermore, the foreign currency ratings
are sensitive to any movement in the sovereign rating. </p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
10.15pt' style="margin-top:0;margin-bottom:0">Headquartered
in Manila and listed on the Philippine Stock Exchange, PLDT is an integrated
provider of fixed, broadband and cellular services. PLDT has more than 27
million cellular and fixed line subscribers and is the leading
telecommunications service provider in the Philippines. It has an approximate
58% market share for cellular telephony and 63% for fixed-line services. </p>

<p align=right style=';text-align:right;
line-height:10.15pt' 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 align=left>
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 <td  height=64></td>
 </tr>
 <tr>
 <td></td>
 <td  height=52 style='vertical-align:top'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 5 of 6</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
Exhibit 1</p>

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

<br clear=ALL>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Hong Kong </p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Laura Acres</p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Vice President -Senior
Analyst </p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Corporate Finance Group </p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Moody's Asia Pacific Ltd.
</p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">JOURNALISTS: (852)
2916-1150 </p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">SUBSCRIBERS: (852)
2916-1121 </p>

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

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Hong Kong </p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Gary Lau </p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Senior Vice President </p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Corporate Finance Group </p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Moody's Asia Pacific Ltd. </p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">JOURNALISTS: (852) 2916-1150 </p>

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">SUBSCRIBERS: (852) 2916-1121 </p>

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

<p style='margin-bottom:0pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&#169; Copyright 2007, Moody's Investors
Service, Inc. and/or its licensors including Moody's Assurance Company, Inc.
(together, &quot;MOODY'S&quot;). All rights reserved. </p>

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

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

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

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

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

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

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 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 6 of 6</p>
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 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all style='page-break-before:always'>
 &nbsp;</p>

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

<br clear=ALL>

<p align=center style='text-align:center' 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">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 style='text-indent:36.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-indent:36.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-indent:36.0pt' 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:258.0pt;margin-left:167.4pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">TELEPHONE COMPANY</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">By        :     <u>/s/ Florentino D. Mabasa, Jr.</u></p>
 <p style="margin-top:0;margin-bottom:0">Name  :     FLORENTINO
 D. MABASA, JR.</p>
 <p style="margin-top:0;margin-bottom:0">Title     :     First
 Vice President and</p>
 <p style="margin-top:0;margin-bottom:0">                  Assistant
 Corporate Secretary</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' padding:0pt 5.4pt 0pt 5.4pt'>
 <p style='margin-left:42.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

<p style='text-indent:36.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:216.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:216.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:216.0pt' 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">Date:
June 1, 2007</p>

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

</div>

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