-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 VSVrV9Fns9XlWG/ZvsHmObBTFlNJc9kjdXFM33v2w/OlUQSf84VOg5vhiTE3Wngn
 lizRS8mOyuxzTxN1jvWJjQ==

<SEC-DOCUMENT>0000078150-08-000003.txt : 20080129
<SEC-HEADER>0000078150-08-000003.hdr.sgml : 20080129
<ACCEPTANCE-DATETIME>20080129060242
ACCESSION NUMBER:		0000078150-08-000003
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080129
FILED AS OF DATE:		20080129
DATE AS OF CHANGE:		20080129

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:		08555904

	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>DISCLOSURES
<TEXT>
<html>

<head>
<meta content="text/html; charset=windows-1252">
<meta name=Generator content="Microsoft Word 11 (filtered)">
<title>moodys_ussec</title>

<!--
 /* Font Definitions */
 @font-face
	{font-family:Wingdings;
	panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:Batang;
	panose-1:2 3 6 0 0 1 1 1 1 1;}
@font-face
	{font-family:PMingLiU;
	panose-1:2 1 6 1 0 1 1 1 1 1;}
@font-face
	{font-family:Tahoma;
	panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
	{font-family:"Bookman Old Style";
	panose-1:2 5 6 4 5 5 5 2 2 4;}
@font-face
	{font-family:"Times New Roman Bold";
	panose-1:2 2 8 3 7 5 5 2 3 4;}
@font-face
	{font-family:Garamond;
	panose-1:2 2 4 4 3 3 1 1 8 3;}
@font-face
	{font-family:"Lucida Console";
	panose-1:2 11 6 9 4 5 4 2 2 4;}
@font-face
	{font-family:"\@PMingLiU";
	panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:"\@Batang";
	panose-1:0 0 0 0 0 0 0 0 0 0;}
 /* Style Definitions */
 p.MsoNormal, li.MsoNormal, div.MsoNormal
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Times New Roman";}
h1
	{margin:0in;
	margin-bottom:.0001pt;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";
	font-weight:normal;}
h2
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";
	font-weight:normal;}
h3
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";}
h4
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";
	font-weight:normal;}
h5
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:14.0pt;
	font-family:Arial;}
h6
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:right;
	page-break-after:avoid;
	font-size:10.0pt;
	font-family:Arial;}
p.MsoHeading7, li.MsoHeading7, div.MsoHeading7
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:311.35pt;
	margin-bottom:.0001pt;
	page-break-after:avoid;
	font-size:10.0pt;
	font-family:Arial;
	font-style:italic;}
p.MsoHeading8, li.MsoHeading8, div.MsoHeading8
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:10.0pt;
	font-family:Arial;
	text-decoration:underline;}
p.MsoHeading9, li.MsoHeading9, div.MsoHeading9
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:11.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.15pt;
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoHeader, li.MsoHeader, div.MsoHeader
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Times New Roman";}
p.MsoListBullet2, li.MsoListBullet2, div.MsoListBullet2
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:12.0pt;
	margin-left:1.0in;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:Arial;}
p.MsoTitle, li.MsoTitle, div.MsoTitle
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:12.0pt;
	margin-left:0in;
	text-align:center;
	font-size:10.0pt;
	font-family:Arial;
	font-weight:bold;}
p.MsoBodyText, li.MsoBodyText, div.MsoBodyText
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	font-size:10.0pt;
	font-family:Arial;}
p.MsoBodyTextIndent, li.MsoBodyTextIndent, div.MsoBodyTextIndent
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	text-indent:.5in;
	font-size:10.0pt;
	font-family:Arial;}
p.MsoBodyText2, li.MsoBodyText2, div.MsoBodyText2
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	font-size:12.0pt;
	font-family:"Times New Roman";}
a:link, span.MsoHyperlink
	{color:blue;
	text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
	{color:purple;
	text-decoration:underline;}
p.MsoAcetate, li.MsoAcetate, div.MsoAcetate
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:8.0pt;
	font-family:Tahoma;}
p.H3, li.H3, div.H3
	{margin-top:5.0pt;
	margin-right:0in;
	margin-bottom:5.0pt;
	margin-left:0in;
	page-break-after:avoid;
	font-size:14.0pt;
	font-family:"Times New Roman";
	layout-grid-mode:line;
	font-weight:bold;}
p.H4, li.H4, div.H4
	{margin-top:5.0pt;
	margin-right:0in;
	margin-bottom:5.0pt;
	margin-left:0in;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";
	layout-grid-mode:line;
	font-weight:bold;}
p.Preformatted, li.Preformatted, div.Preformatted
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Courier New";
	layout-grid-mode:line;}
p.5MORE, li.5MORE, div.5MORE
	{margin-top:6.0pt;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:0in;
	margin-bottom:.0001pt;
	text-align:center;
	font-size:12.0pt;
	font-family:Garamond;}
p.Default, li.Default, div.Default
	{margin:0in;
	margin-bottom:.0001pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;
	color:black;}
p.CM1, li.CM1, div.CM1
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.15pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM6, li.CM6, div.CM6
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:14.25pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM7, li.CM7, div.CM7
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:9.25pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM2, li.CM2, div.CM2
	{margin:0in;
	margin-bottom:.0001pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:"Lucida Console";}
p.CM3, li.CM3, div.CM3
	{margin:0in;
	margin-bottom:.0001pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:"Lucida Console";}
p.CM5, li.CM5, div.CM5
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:10.0pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:"Lucida Console";}
p.CM4, li.CM4, div.CM4
	{margin:0in;
	margin-bottom:.0001pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
 /* Page Definitions */
 @page Section1
	{size:595.3pt 841.9pt;
	margin:1.0in 1.25in 1.0in 1.25in;}
div.Section1
	{page:Section1;}
@page Section2
	{size:595.3pt 841.9pt;
	margin:1.0in 1.25in 1.0in 1.25in;}
div.Section2
	{page:Section2;}
 /* List Definitions */
 ol
	{margin-bottom:0in;}
ul
	{margin-bottom:0in;}
- -->

</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 January 2008</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 release issued by
 Moody&#146;s Investors Service (Moody&#146;s) entitled &#147;Moody&#146;s revises PLDT&#146;s foreign
 currency debt rating outlook to positive&#148;.</p>
 <br clear=all
 style='page-break-before:always'>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">January 29, 2008 </p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h3>
 </td>
 </tr>
</table></center></div>

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

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

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

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

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Attention:        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">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 revises PLDT&#146;s
foreign currency debt rating outlook to positive&#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">&nbsp;</p>

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

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

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

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

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=263></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 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">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">January 29, 2008</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 revises PLDT&#146;s
foreign currency debt rating outlook to positive&#148;.</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">Very truly
yours,</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"><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"><b>MA. LOURDES C. RAUSA-CHAN</b></p>

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&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 align=center style='text-align:center' 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=183></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 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 align=right style='text-align:right' 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='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;
January 29, 2008</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="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">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=143></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 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 align=right style='text-align:right' 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 revises PLDT&#146;s foreign currency debt rating outlook to positive&#148;.</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="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">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"><b>MA. LOURDES C. RAUSA-CHAN</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Corporate Secretary</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">Date:   January 29, 2008</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=324></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 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='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<br clear=ALL>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b><i>Moody&#146;s Investors
 Service</i></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>Rating Action </b></p>
 <p align=right style='margin-left:47.5pt;text-align:right' style="margin-top:0;margin-bottom:0">28 JAN 2008 </p>
 <p align=right style='text-align:right' 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;line-height:
normal' style="margin-top:0;margin-bottom:0"><b>Rating Action: Philippine Long Distance Telephone Company </b></p>

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0"><b>Moody's revises PLDT's
foreign currency debt rating outlook to positive </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>&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>Approximately US$725 million of debt securities affected </b></p>

<p style='margin-top:0in;margin-right:7.5pt;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:7.5pt;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, January 28, 2008
- --Moody's Investors Service has today affirmed Philippine Long Distance
Telephone Company's (&quot;PLDT&quot;) Ba2 senior unsecured foreign currency
debt rating and changed its outlook to positive from stable. This rating action
follows Moody's decision to change the outlook of Philippines' Ba3 country
ceiling for foreign currency bonds to positive from stable. </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">At the same time, Moody's has affirmed PLDT's Baa2 local currency
issuer rating with a stable outlook. </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">PLDT's Ba2 foreign currency debt rating is above the Philippines' country ceiling for foreign currency bonds of Ba3. The foreign currency bond
ceiling incorporates foreign currency transfer risk, which is the likelihood of
the government declaring a debt moratorium should it default. </p>

<p style='margin-top:0in;margin-right:3.25pt;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:3.25pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">As such, PLDT's foreign
currency bond rating is a function of its intrinsic creditworthiness, the
probability of a Philippine government default on its foreign debt (implied by
its B1 rating), the likelihood that the government would declare a moratorium
in the event of a default (implied by the Ba3 foreign currency ceiling) and, if
it did, the chances that it would exempt a company such as PLDT. </p>

<p style='margin-top:0in;margin-right:3.25pt;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:3.25pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">PLDT is headquartered in
 Manila. Its shares are listed in the Philippine Stock Exchange and its ADRs
traded in the New York Stock Exchange. PLDT is an integrated provider of
fixed-line, broadband, cellular and ICT services. PLDT has approximately 30
million cellular and 1.7 million fixed-line subscribers as of December 2007 and
is the country's leading telecommunications service provider. It has an
approximate 58% market share for cellular telephony and 63% for fixed-line
services. </p>

<p style='margin-top:0in;margin-right:3.25pt;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:3.25pt;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 26.3% and 20% respectively as of 22nd January 2008. 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">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=34></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 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'>
 &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-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 </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">&#169; Copyright 2008, 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='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">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;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">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">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=127></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 6 of 6</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 &nbsp;</p>

</div>

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

<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>

<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=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'>
 <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">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>
 </td>
 </tr>
 <tr>
 <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:
January 29, 2008 </p>

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

</div>

</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
