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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000078150-07-000038.txt : 20071108
<SEC-HEADER>0000078150-07-000038.hdr.sgml : 20071108
<ACCEPTANCE-DATETIME>20071108060111
ACCESSION NUMBER:		0000078150-07-000038
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20071108
FILED AS OF DATE:		20071108
DATE AS OF CHANGE:		20071108

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:		071223312

	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
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</head>

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

<div>

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

<p align=center style='margin:0in;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:0in;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 November
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:1.0in;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:1.0in;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:.5in' 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:.5in' 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, 2006.  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:0in;margin-right:10.35pt;margin-bottom:0in;
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:0in;margin-right:10.35pt;margin-bottom:0in;
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:0in 5.4pt 0in 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:0in 5.4pt 0in 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:0in 5.4pt 0in 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:0in 5.4pt 0in 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:0in 5.4pt 0in 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 releases issued by Moody&#146;s Investors Service, Standard &amp; Poor&#146;s
 and Fitch Ratings affirming PLDT&#146;s credit rating.</p>
 <p style='text-indent:.5in' 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:0in 5.4pt 0in 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">11</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>

<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">

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



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

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

&nbsp;</p>

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

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

<p style="margin-top:0;margin-bottom:0">&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='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='width:492.3pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">November
 8, 2007 </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">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 copies of press releases issued by
Moody&#146;s Investors Service, Standard and Poor&#146;s and Fitch Ratings affirming
PLDT&#146;s credit rating.</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"><u>/s/ Ma. Lourdes C.
Rausa-Chan</u></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="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=246></td>
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 <tr>
 <td></td>
 <td  height=40 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 11</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">November 8, 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 copies of press releases issued by
Moody&#146;s Investors Service, Standard and Poor&#146;s and Fitch Ratings affirming
PLDT&#146;s credit rating.</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/ Ma. Lourdes C. Rausa-Chan</u></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">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=294></td>
 </tr>
 <tr>
 <td></td>
 <td  height=40 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 11</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 align=center style='text-align:center' style="margin-top:0;margin-bottom:0">SECURITIES AND
EXCHANGE COMMISSION</p>

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

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

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

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

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

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

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

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

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

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

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

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
November 8, 2007 </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-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="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:.5in;text-indent:-.5in' style="margin-top:0;margin-bottom:0">5.         PHILIPPINES
6. _____________ (SEC Use Only)  </p>

<p style='margin-left:.5in;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.         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' 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-left:.5in;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' 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">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=73></td>
 </tr>
 <tr>
 <td></td>
 <td  height=40 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 11</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
are copies of press releases issued by Moody&#146;s Investors Service, Standard and
Poor&#146;s and Fitch Ratings affirming PLDT&#146;s credit rating.</p>

<p style="margin-top:0;margin-bottom:0">.</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='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">TELEPHONE COMPANY</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>/s/ Ma. Lourdes C. Rausa-Chan</u></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">MA. LOURDES C. RAUSA-CHAN</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

<p style="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">&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:   November 8, 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">&nbsp;</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=239></td>
 </tr>
 <tr>
 <td></td>
 <td  height=40 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 11</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 align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></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='width:443.4pt;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"><b>Moody&#146;s Investors Service</b></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>Global Credit Research</b></p>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>Announcement</b></p>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0"><b>6 NOV 207</b></p>
 </td>
 </tr>
</table></center></div>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Announcement:
Philippine Long Distance Telephone Company </b></p>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Moody's
affirms PLDT's ratings </b></p>

<p style='margin-top:0in;margin-right:15.4pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:15.4pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Hong Kong, November 06, 2007 --Moody's Investors Service has affirmed
Philippines Long Distance Telephone Company's (&quot;PLDT&quot;) local currency
issuer and foreign currency bond ratings at Baa2 and Ba2 respectively. The
outlook on the ratings is stable. </p>

<p style='margin-top:0in;margin-right:24.5pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:24.5pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">This affirmation follows PLDT's announced
proposals to amend certain of its bond indentures such that restrictions on the
payment of dividends have been lifted. </p>

<p style='margin-top:0in;margin-right:5.0pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:5.0pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&quot;Whilst this theoretically puts no
restrictions, over and above the Philippines regulatory requirements, on PLDT's
ability to pay dividends, Moody's would expect that the company continue to
maintain a credit profile commensurate with its rating level,&quot; says Laura
Acres, a Moody's Vice President. </p>

<p style='margin-top:0in;margin-right:5.0pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:5.0pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">PLDT has consistently operated at an
adjusted debt/EBITDA ratio of less than 1.5x since 2005 and Moody's expects
such trend to continue. </p>

<p style='margin-top:0in;margin-right:24.5pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:24.5pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">PLDT's local currency issuer rating of
Baa2 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-top:0in;margin-right:5.0pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:5.0pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' 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='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' 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-top:0in;margin-right:24.5pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:24.5pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' 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-top:0in;margin-right:5.0pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:5.0pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' 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='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' 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 approximately 28.3
million cellular and 1.7 million 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 style='margin-top:0in;margin-right:2.4pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;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>
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 <td  height=11></td>
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 &nbsp;</td>
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&nbsp;</p>

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

<br clear=ALL>

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

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

<p style='margin-top:0in;margin-right:2.4pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">PLDT's major shareholders are First
Pacific and NTT/NTT DoCoMo, with effective common shareholdings of 29% and
18.7% respectively as of 5th November 2007. The remaining common shares are
publicly held. </p>

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

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

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Vice
President -Senior Analyst</p>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Moody's
Asia Pacific Ltd.</p>

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

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

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

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

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Senior
Vice President Corporate Finance Group</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Moody's
Asia Pacific Ltd.</p>

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

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

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

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

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

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

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 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 6 of 11</p>
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 &nbsp;</td>
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</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>

<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="margin-top:0;margin-bottom:0"><b>STANDARD &amp; POOR&#146;S</b></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='text-align:right' style="margin-top:0;margin-bottom:0">RatingsDirect</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>

<p align=right style='text-align:right' style="margin-top:0;margin-bottom:0">November 6, 2007</p>

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Co.</b><b> FC Ratings Affirmed at
&#145;BB+&#146;;</b></p>

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Judy Kwok-Cheung, Hong Kong (852) 2533-3522; judy_kwok-cheung@standardandpoors.com</p>

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Yasmin Wirjawan, Singapore (65) 6239-6302;
yasmin_wirjawan@standardandpoors.com</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"><b>Table Of Contents</b></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">Rationale</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">Outlook</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">Ratings List</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>
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 <td  height=40 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 7 of 11</p>
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 &nbsp;</td>
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</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"><b>&nbsp;</b></p>

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Ratings Affirmed At
&#145;BB+&#146;; Outlook Stable</b></p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Rationale</b></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">On Nov. 6, 2007, Standard
&amp; Poor&#146;s Rating Services affirmed its &#145;BB+&#146; foreign currency rating on
Philippine Long Distance Telephone Co. (PLDT) following the solicitation from
the holders of some of the company&#146;s senior notes to amend certain covenants.
The outlook is stable.</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">The Rating on PLDT
reflects that of the transfer and convertibility (T&amp;C) risk assessment on
the Philippines (foreign currency BB-/Stable/B; local currency BB+/Stable/B).
Although the amendments to the company&#146;s senior notes due 2009, 2012, and 2017
will increase PLDT&#146;s flexibility to make investments and capital distributions,
particularly dividends to ordinary shareholders, the company&#146;s financial
profile is expected to remain consistent with the current rating.</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">The changes to covenants
include the elimination of restricted payments, balanced by stricter leverage
ratios, such as reducing the maximum consolidated leverage ratio to 3.0x from
3.5x in the previous covenants.  Based on the proposed changes, PLDT will be
allowed to make dividend payments and capital distributions (subject to the
Philippines corporate laws), while allowing sufficient room for the company to
make additional investments limited by the maximum leverage according to the
bond covenants.</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">Given PLDT&#146;s improved
credit metrics, Standard &amp; Poor&#146;s does not expect the company&#146;s increasing
focus on delivering shareholder value through capital distributions to
significantly weaken its credit metrics.  While PLDT&#146;s rating reflects the
company&#146;s appetite for additional investments consistent with its growth
strategy, the impact of significant investments on the company&#146;s rating will be
assessed at the time of any such transaction.  PLDT generates free cash flow of
about US$725 million annually.  Consolidated debt to EBITDA was below 0.8x at
June 30, 2007, as a result of the company&#146;s effort to deleverage in the past
few years; this ratio is expected to increase slightly, but to remain below 2x
in the next two to three years.</p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Outlook</b></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">The stable outlook
reflects the company&#146;s dominant market position, stronger credit measures, and
expected sustainable free cash flow position.  An upward revision of the T&amp;C
risk assessment for the Philippines will be needed before PLDT&#146;s foreign
currency ratings may be raised.  Conversely, any downward movement of the
sovereign rating could prompt a reduction in the T&amp;C risk assessment or
deterioration in country risk factors, which in turn could result in a lowering
of the ratings on the company.  In addition, the rating could come under
pressure if the company&#146;s total debt to EBITDA increases to above 2.5x, given
the current satisfactory business profile supported by a leading market
position.</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>
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 <td  height=23></td>
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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 8 of 11</p>
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 &nbsp;</td>
 </tr>
</table></center></div>

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

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

<br clear=ALL>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Ratings List</b></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">Ratings Affirmed</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">Philippine Long Distance
Telephone Co.</p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Foreign
Currency                                BB+/Stable/--</p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Foreign
Currency                                BB+</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">Complete ratings
information is available to subscribers of RatingsDirect, the real-time
Web-based source for Standard &amp; Poor&#146;s credit ratings, research, and risk
analysis, at www.ratingsdirect.com.  All ratings affected by this rating action
can be found on Standard &amp; Poor&#146;s public Web site at
www.standardandpoors.com; select your preferred country or region, then Ratings
in the left navigation bar, followed by Credit Ratings Search.</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">

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<br clear=all
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<br clear=ALL>

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

<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">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Copyright &#169; 2007, Standard
&amp; Poors, a division of The McGraw-Hill Companies, Inc. (S&amp;P).  S&amp;P
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or information provided herein.  This data/information may only be used
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<p style='margin-right:16.5pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:1.3pt;margin-bottom:14.25pt;
margin-left:0in;text-align:justify;text-justify:inter-ideograph;line-height:
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a division of The McGraw-Hill Companies. All Rights Reserved. </p>

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

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<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"><b>Fitch
Ratings</b></p>

<p style="margin-top:0;margin-bottom:0">                KNOW YOUR RISK                           </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>Fitch Affirms PLDT's Ratings On News It
Will Solicit Changes To Bond Covenants </b></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">Fitch
Ratings-Seoul/Singapore-06 November 2007: Fitch Ratings has today affirmed
Philippine Long Distance Telephone Company's (PLDT) issuer and instrument
ratings following news of the company's proposal to change certain covenants
under its 2009, 2012 and 2017 senior notes. The affirmed ratings include PLDT's
Long-term local currency Issuer Default Rating (IDR) at 'BBB', its Long-term
foreign currency IDR at 'BB+' and its National Long-term rating at 'AAA(phl)'.
The Outlook remains Stable. Also, PLDT's senior notes have been affirmed at
'BB+'. </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">PLDT has approached
bondholders of its 10.5% Notes due 2009, 11.375% Notes due 2012 and 8.35% Notes
due 2017, to seek their consent to amend the applicable limitations on
dividends, shareholder distributions and restricted payments. Apart from some
financial compensation to bondholders, PLDT intends to tighten the maximum
threshold on its leverage and capital structure ratios; in return for consent
to modify the covenants. In doing so, the company intends to reduce the maximum
threshold on Consolidated Debt to EBITDA to 3.0x from 3.5x earlier as well as
that on Long-Term Debt to Tangible Net Worth to 2.5x from 3.0x earlier. </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">&quot;The proposed
covenant amendments would afford the company higher capacity for dividend
payments and capital management initiatives, which could potentially lead
credit protection ratios to weaken from current levels. There is however,
moderate headroom for an increase in net debt at the current local currency IDR
level, before pressure is exerted on the rating,&quot; said Priya Gupta,
Director in Fitch's Asia-Pacific telecommunications, media and technology team.
As at June 2007, PLDT's net adjusted leverage stood at 0.6x, against a maximum
threshold of 1.0x set by the agency. Future decisions (if any) with respect to
material debt-funded acquisitions/investments and/or capital management
initiatives will constitute event risk, subject to review on an individual
basis. </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">PLDT is the incumbent
and leading integrated and diversified player in the Philippines, with
operations spanning fixed-line services, cellular services, wired and wireless
broadband services and internet services. The company also has a growing
presence in the call-centre and business process outsourcing space. PLDT's
local currency rating of 'BBB'/Stable (which exceeds the sovereign local
currency rating, 'BB+', by two notches) ignores foreign currency transfer and
convertibility risk, and is more reflective of its stand-alone credit profile.
In terms of its foreign currency IDR, PLDT remains constrained by the country
ceiling of the Republic of the Philippines, currently at 'BB+'. Meanwhile, the
National rating of 'AAA(phl)' incorporates all the above factors and is
indicative of PLDT's relative credit strength among all Philippine companies. </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">Contacts: Priya Gupta, Singapore, +65 6796 7222/ priya.gupta@fitchratings.com; Matt Jamieson, Seoul, +822 3268 8361 / matt.jamieson@fitchratings.com. </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">Media Relations: Shivani Sundralingam, Singapore, Tel: + 65 6336 0095. </p>

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

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

<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">

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

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

<p style='text-indent:.5in' 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'>
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 <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:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">By        :     <u>/s/ Ma. Lourdes C. Rausa-Chan</u></p>
 <p style="margin-top:0;margin-bottom:0">Name  :     MA.
 LOURDES C. RAUSA-CHAN</p>
 <p style="margin-top:0;margin-bottom:0">Title     :     Senior
 Vice President, Corporate</p>
 <p style="margin-top:0;margin-bottom:0">                  Affairs
 and Legal Services Head </p>
 <p style="margin-top:0;margin-bottom:0">                  and
 Corporate Secretary</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
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 <td  valign=top style=' padding:0in 5.4pt 0in 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:.5in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:3.0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:3.0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:3.0in' 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:
November 8, 2007</p>

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

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

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