-----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,
 I2zG5lMJH6dsjKC3AO3rR7/wLW+Er7IJJMMEYWQ8O/Eyg+/LYPBxwsdZg81Fccmc
 k1ZqVp7PnKy65gcyLx4bxQ==

<SEC-DOCUMENT>0001309014-09-000192.txt : 20090317
<SEC-HEADER>0001309014-09-000192.hdr.sgml : 20090317
<ACCEPTANCE-DATETIME>20090317061348
ACCESSION NUMBER:		0001309014-09-000192
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090317
FILED AS OF DATE:		20090317
DATE AS OF CHANGE:		20090317

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:		09686335

	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>htm_3788.htm
<DESCRIPTION>LIVE FILING
<TEXT>
<!-- HTML Header Page -->
<HTML>
<HEAD>
<TITLE>
Philippine Long Distance Telephone Company&nbsp;-&nbsp;Form&nbsp;6-K
</TITLE>
</HEAD>
<!-- End HTML Header Page --><!-- Cover Page Header -->
<BODY bgcolor=white text=black>
<HR NOSHADE>
<A NAME="DOCUMENT_TOP">&nbsp;</A>
<P align="center">
<FONT size="+1"><B>
UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</P>

<P>
<CENTER>
<FONT SIZE="+2" FACE="Arial"><B>Form 6-K</B></FONT><BR>

</CENTER>
</P>

<P>
<CENTER>
<FONT size="+1">
REPORT OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR 15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934
</FONT>
</CENTER>
</P>
<P>
<CENTER>
March 17, 2009
</CENTER>
</P>
<P>
<CENTER>

</CENTER>
</P>
<!-- End Cover Page Header -->
<!-- Cover Page Registrant -->
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	<FONT SIZE="+2"><B>Philippine Long Distance Telephone Company</B></FONT><BR>
	<FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="CENTER" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	<FONT SIZE="-1">(Translation of registrant&#146;s name into English)</FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	&nbsp;
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
      <FONT FACE="Courier" SIZE="+0">Ramon Cojuangco Building<br>Makati Avenue, Makati City<br>Philippines</FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
        <FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR>
	    <FONT SIZE="-1">(Address of principal executive office)</FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	&nbsp;
    </TD>
  </TR>
</TABLE>
<!-- End Cover Page Registrant -->
<!-- Checkboxes Page -->
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%" COLSPAN="5">
	Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Form 40-F
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        &nbsp;
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        &nbsp;
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        &nbsp;
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;No
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        &nbsp;
    </TD>
  </TR>
</TABLE>

<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
        If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):&nbsp;&nbsp;&nbsp;<FONT FACE="Courier"><U>&nbsp;n/a&nbsp;</U></FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
        &nbsp;
    </TD>
  </TR>
</TABLE>
<!-- End Checkboxes Page -->
<!-- HR Page Break  -->
<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<!-- End HR Page Break --><!-- Report Page -->
<FONT SIZE="3">
<PRE>
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&#8217;s Investors Service (Moody&#8217;s) entitled &#8220;Moody&#8217;s places PLDT&#8217;s LC rating
under review direction uncertain&#8221;.
</PRE>
</FONT>
<!-- End Report Page -->
<!-- Page Break  -->
<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
 <!-- Page Break  -->
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<!-- End Page Break -->
<!-- Signatures Page Header -->
<FONT SIZE="+1">
<CENTER>
<B>SIGNATURES</B>
</CENTER>
</FONT>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
       &nbsp;
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
       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.
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
       &nbsp;
    </TD>
  </TR>
</TABLE>
<!-- End Signatures Page Header -->
<!-- Signatures Page Details -->
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Philippine Long Distance Telephone Company
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       &nbsp;
    </TD>
  </TR>

  <TR>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="40%">
       Date: 03/17/2009
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="4%%">
       By:
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="56%">
       Ma. Lourdes C. Rausa-Chan<BR><HR WIDTH="30%" NOSHADE>
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Name:&nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Ma. Lourdes C. Rausa-Chan
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Title:
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       SVP & Corporate Secretary
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       &nbsp;
    </TD>
  </TR>
</TABLE>
<!-- End Signatures Page Details -->
<!-- HR Page Break  -->
<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<!-- End HR Page Break --><!-- Exhibit Index Header Page -->
<CENTER>
<FONT SIZE="+1"><B>
EXHIBIT&nbsp;INDEX
</B></FONT>
</CENTER>
<BR>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="60%">
  <TR VALIGN="BOTTOM">
    <TD NOWRAP ALIGN="LEFT" WIDTH="8%">
      <FONT SIZE="-1"><B>Exhibit No.</B></FONT>
    </TD>
    <TD WIDTH="15%">
      &nbsp;
    </TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="77%">
      <FONT SIZE="-1"><B>Description</B></FONT>
    </TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD NOWRAP ALIGN="CENTER" WIDTH="8%">
      <HR SIZE="1" NOSHADE>
    </TD>
    <TD WIDTH="15%">
      &nbsp;
    </TD>
    <TD NOWRAP ALIGN="CENTER" WIDTH="77%">
      <HR ALIGN="LEFT" SIZE="1" WIDTH="88%" NOSHADE>
    </TD>
  </TR>
<!-- Exhibit Index Header Page -->
<!-- Exhibit Index Item -->
  <TR VALIGN="BOTTOM">
    <TD VALIGN="TOP" WIDTH="8%" nowrap>
      <FONT SIZE="-1">99<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">Press Release "Moody's places PLDT's LC rating under review direction uncertain".</FONT>
    </TD>
  </TR>
<!-- End Exhibit Index Item -->
<!-- ExhibitIndexFooter -->
  <TR VALIGN="BOTTOM">
    <TD VALIGN="TOP" WIDTH="8%" nowrap>
      &nbsp;
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      &nbsp;
    </TD>
  </TR>
</TABLE>
<!-- End ExhibitIndexFooter -->
<!-- HR Page Break  -->
<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<!-- End HR Page Break --><!-- HTML Footer Page -->
</BODY>
</HTML>
<!-- End HTML Footer Page -->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99
<TEXT>
<!-- ExhibitContentHeader Page -->
<HTML>
<HEAD>
<TITLE>
Exhibit&nbsp;&nbsp;EX-99
</TITLE>
</HEAD>
<!-- End HTML Header Page -->
<!-- ExhibitContentPage -->

<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT>



<P align="left" style="font-size: 12pt; text-indent: 4%">Some information in this report may contain forward-looking statements within the meaning of
Section&nbsp;27A of the U.S. Securities Act of 1933 and Section&nbsp;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 align="left" style="font-size: 12pt; text-indent: 4%">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&nbsp;31, 2007 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 align="center" style="font-size: 10pt; display: none; text-indent: 4%">1
<!-- PAGEBREAK -->

<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt"><B>EXHIBITS</B></FONT>


<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 12pt">A copy of the disclosure letter we sent today to<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 12pt">the Philippine Stock Exchange and the Securities and<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 12pt">Exchange Commission regarding the press release<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 12pt">issued by Moody&#146;s Investors Service (Moody&#146;s)<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 12pt">entitled &#147;Moody&#146;s places PLDT&#146;s LC rating under<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 12pt">1</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 12pt">review direction uncertain&#148;.<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 11pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 11pt">6</FONT></TD>
    <TD><FONT style="font-size: 11pt"></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->


<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">Exhibit&nbsp;1
</FONT>
<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">March&nbsp;17, 2009</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt">The Philippine Stock Exchange
<BR>
Disclosure Department
<BR>
4<sup>th</sup> Floor PSE Centre
<BR>
Exchange Road, Ortigas Center
<BR>
Pasig City

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atty. Pete M. Malabanan<BR>
Head, Disclosure Department</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt">Ladies and Gentlemen:


<P align="left" style="font-size: 12pt">In compliance with Section&nbsp;17.1(b) and Section&nbsp;17.3 of the Securities Regulation&nbsp;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 places PLDT&#146;s LC rating under review direction uncertain&#148;.


<P align="left" style="font-size: 12pt">This shall also serve as the disclosure letter for the purpose of complying with PSE Revised
Disclosure Rules.


<P align="left" style="font-size: 12pt">Respectfully yours,


<P align="left" style="font-size: 12pt"><U>/s/ Ma. Lourdes C. Rausa-Chan</U><BR>
MA. LOURDES C. RAUSA-CHAN<BR>
Corporate Secretary<BR>


<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt">Page 1 of 6</FONT>




<P align="center" style="font-size: 10pt; display: none">4
<!-- PAGEBREAK -->




<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">Exhibit&nbsp;1
</FONT>

<P align="left" style="font-size: 12pt">March&nbsp;17, 2009


<P align="left" style="font-size: 12pt">SECURITIES &#038; EXCHANGE COMMISSION
<BR>
Money Market Operations Department
<BR>
SEC Building, EDSA
<BR>
Mandaluyong City

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Attention<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">:Director Justina F. Callangan</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporations Finance Department</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Gentlemen:<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Philippine Long Distance Telephone Company<BR>
SEC Registration No.&nbsp;PW-55</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt">In accordance with Section&nbsp;17.1 (b)&nbsp;of the Securities Regulation&nbsp;Code, we submit herewith three (3)
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 places PLDT&#146;s LC rating under review direction uncertain&#148;.


<P align="left" style="font-size: 12pt">Very truly yours,


<P align="left" style="font-size: 12pt"><U>/s/ Ma. Lourdes C. Rausa-Chan</U><BR>
MA. LOURDES C. RAUSA-CHAN<BR>
Corporate Secretary<BR>


<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt">Page 2 of 6</FONT>




<P align="center" style="font-size: 10pt; display: none">5
<!-- PAGEBREAK -->




<P align="left" style="font-size: 11pt">Exhibit&nbsp;1


<P align="center" style="font-size: 11pt">SECURITIES AND EXCHANGE COMMISSION



<P align="center" style="font-size: 11pt">SEC FORM 17-C



<P align="center" style="font-size: 11pt">CURRENT REPORT UNDER SECTION 17<BR>
OF THE SECURITIES REGULATION CODE<BR>
AND SRC RULE 17.1



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>March&nbsp;17, 2009</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">(Date of earliest event reported)


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SEC Identification Number PW-55</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BIR Tax Identification No.&nbsp;000-488-793</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PHILIPPINE LONG DISTANCE TELEPHONE COMPANY</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt; text-indent: 4%">Exact name of registrant as specified in its charter

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD colspan="3" valign="top" align="left">5.PHILIPPINES 6. _____________ (SEC Use Only)<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Province, country or other jurisdiction
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industry Classification Code</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt; text-indent: 4%">of Incorporation


<P align="left" style="font-size: 11pt">7.&nbsp;9<sup>th</sup> Floor MGO Building

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="73%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legaspi corner dela Rosa Streets, Makati City</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Address of principal office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Postal Code</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt">8.&nbsp;(632)&nbsp;816-8553


<P align="left" style="font-size: 11pt; text-indent: 4%">Registrant&#146;s telephone number, including area code


<P align="left" style="font-size: 11pt">9.&nbsp;Not Applicable


<P align="left" style="font-size: 11pt; text-indent: 4%">Former name or former address, if changed since last report


<P align="left" style="font-size: 11pt">10.&nbsp;Securities registered pursuant to Sections&nbsp;8 and 12 of the SRC

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title of Each Class
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Number of Shares of Common Stock<BR>
Licensed and Amount of Debt Outstanding</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt">Page 3 of 6




<P align="center" style="font-size: 10pt; display: none">6
<!-- PAGEBREAK -->




<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">Exhibit&nbsp;1
</FONT>

<P align="left" style="font-size: 12pt">11.&nbsp;Item&nbsp;9 &#150; Other Events


<P align="left" style="font-size: 12pt">Attached hereto is a press release issued by Moody&#146;s Investors Service (Moody&#146;s) entitled &#147;Moody&#146;s
places PLDT&#146;s LC rating under review direction uncertain&#148;.


<P align="center" style="font-size: 12pt">SIGNATURE



<P align="left" style="font-size: 12pt; text-indent: 4%">Pursuant to the requirements of the Securities Regulation&nbsp;Code, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereto duly authorized.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PHILIPPINE LONG DISTANCE<BR>
TELEPHONE COMPANY<BR>
/s/ Ma. Lourdes C. Rausa-Chan</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MA. LOURDES C. RAUSA-CHAN<BR>
Corporate Secretary</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt">Date: March&nbsp;17, 2009


<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt">Page 4 of 6</FONT>




<P align="center" style="font-size: 10pt; display: none">7
<!-- PAGEBREAK -->




<P align="left" style="font-size: 11pt">Exhibit&nbsp;1

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="left">Moody&#146;s Investors Service</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Global Credit Research Rating Action</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">16 MAR 2009</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt"><FONT style="font-size: 8.5pt"><B>Rating Action: Philippine Long Distance Telephone Company</B>
</FONT>

<P align="left" style="font-size: 8.5pt"><B>Moody&#146;s places PLDT&#146;s LC rating under review direction uncertain</B>


<P align="left" style="font-size: 8.5pt"><B>Approximately US$725&nbsp;million of debt securities affected</B>


<P align="left" style="font-size: 8.5pt">Hong Kong, March&nbsp;16, 2009 &#151;Moody&#146;s Investors Service has today revised the status of Philippine
Long
<BR>
Distance Telephone Company&#146;s (&#147;PLDT&#148;) Baa2 local currency (&#147;LC&#148;) issuer rating from review for
possible
<BR>
upgrade to review with direction uncertain. At the same time, Moody&#146;s has affirmed PLDT&#146;s
Ba2/positive
<BR>
foreign currency bond rating.


<P align="left" style="font-size: 8.5pt">The rating action has been prompted by PLDT&#146;s recent announcement that it plans to acquire up to a
20%
<BR>
stake in the Manila Electric Company (&#147;Meralco&#148;) at a cost of approximately P20&nbsp;billion.


<P align="left" style="font-size: 8.5pt">&#147;While the acquisition can largely be funded out of cash on hand and without any material adverse
impact on PLDT&#146;s consolidated financial metrics, which remain strong for a Baa rating, it will
reduce the company&#146;s liquidity reserves,&#148; says Laura Acres, a Moody&#146;s Vice President.


<P align="left" style="font-size: 8.5pt">&#147;The acquisition also raises concerns as it represents a move by shareholders and senior management
into a non-core business, albeit into another utility with a small telecommunications-related
business with an established fiber optic network covering the Metro Manila area,&#148; says Acres, also
Moody&#146;s Lead Analyst for PLDT, adding &#147;it is however noted that PLDT has indicated that it will
limit its investment in Meralco to a 20% shareholding.&#148;


<P align="left" style="font-size: 8.5pt">Moody&#146;s review will focus on 1) potential funding support PLDT will have to provide to Meralco; 2)
PLDT&#146;s
<BR>
financial polices over the next 2&nbsp;years, especially with regard to leverage and uses of cash; and
3) strategy of PLDT&#146;s principal shareholder, First Pacific, and the degree to which this investment
signals a shift in strategy for the telco operator.


<P align="left" style="font-size: 8.5pt">Moody&#146;s affirmation of PLDT&#146;s foreign currency bond rating reflects the fact that the rating is
unlikely to
<BR>
change without there first being a change in the Philippines foreign currency country ceiling or
downward
<BR>
rating action on PLDT.


<P align="left" style="font-size: 8.5pt">The principal methodology used in rating PLDT was the Global Telecommunications Industry dated
<BR>
December&nbsp;2007, which can be found at www.moodys.com in the Credit Policy &#038; Methodologies directory,
in the Ratings Methodologies subdirectory. The methodology outcome is A1 on a fully-consolidated
basis based on results for 2008.


<P align="left" style="font-size: 8.5pt">Other methodologies and factors that may have been considered in the process of rating this issuer
can also be found in the Credit Policy &#038; Methodologies directory.


<P align="left" style="font-size: 8.5pt">The last rating action was taken on 10th March, 2009, when PLDT&#146;s Baa2 local currency issuer rating
was
<BR>
placed on review for possible upgrade and the foreign currency bond rating was affirmed at
Ba2/positive.


<P align="left" style="font-size: 8.5pt">PLDT is an integrated provider of fixed-line, broadband, cellular and Information and
Communications
<BR>
Technology (&#147;ICT&#148;) services. As at 31st December, 2008, it had 35.2&nbsp;million cellular, 1.8&nbsp;million
fixed-line and 1.0&nbsp;million broadband subscribers and is the country&#146;s leading telecommunications
service provider. It also has a 52% market share for cellular telephony, 60% for fixed-line
services and 70% broadband.


<P align="left" style="font-size: 8.5pt">Major shareholders are First Pacific and NTT Communications/NTT DoCoMo, with effective common
<BR>
shareholdings of 26.3% and 20.9% respectively as of January&nbsp;2009. The remaining common shares are
<BR>
publicly held.


<P align="left" style="font-size: 8.5pt">Hong Kong
<BR>
Laura Acres
<BR>
Vice President -Senior Analyst
<BR>
Corporate Finance Group
<BR>
Moody&#146;s Asia Pacific Ltd.
<BR>
JOURNALISTS: (852)&nbsp;2916-1150
<BR>
SUBSCRIBERS: (852)&nbsp;3551-3077


<P align="center" style="font-size: 8.5pt"><FONT style="font-size: 11pt">Page 5 of 6</FONT>




<P align="center" style="font-size: 10pt; display: none">8
<!-- PAGEBREAK -->




<P align="left" style="font-size: 11pt">Exhibit&nbsp;1


<P align="left" style="font-size: 11pt"><FONT style="font-size: 8.5pt">Hong Kong
<BR>
Gary Lau
<BR>
Senior Vice President
<BR>
Corporate Finance Group
<BR>
Moody&#146;s Asia Pacific Ltd.
<BR>
JOURNALISTS: (852)&nbsp;2916-1150
<BR>
SUBSCRIBERS: (852)&nbsp;3551-3077
</FONT>

<P align="left" style="font-size: 8.5pt"><B>CREDIT RATINGS ARE MOODY&#146;S INVESTORS SERVICE, INC.&#146;S (MIS)&nbsp;CURRENT OPINIONS OF THE RELATIVE FUTURE
CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT
RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME
DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY
OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY.
CREDIT RATINGS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS DO NOT CONSTITUTE
INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT RECOMMENDATIONS TO PURCHASE, SELL, OR
HOLD PARTICULAR SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR
ANY PARTICULAR INVESTOR. MIS ISSUES ITS CREDIT RATINGS WITH THE EXPECTATION AND UNDERSTANDING THAT
EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION
FOR PURCHASE, HOLDING, OR SALE.</B>


<P align="left" style="font-size: 8.5pt">&#169; Copyright 2009, Moody&#146;s Investors Service, Inc. and/or its licensors including Moody&#146;s Assurance
Company, Inc. (together, &#147;MOODY&#146;S&#148;). All rights reserved.


<P align="left" style="font-size: 8.5pt">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&#146;S PRIOR WRITTEN CONSENT.
All information contained herein is obtained by MOODY&#146;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 &#147;as is&#148; without warranty of any kind and MOODY&#146;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&#146;S have any liability to any person or entity for
(a)&nbsp;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&#146;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)&nbsp;any direct, indirect, special, consequential, compensatory or incidental
damages whatsoever (including without limitation, lost profits), even if MOODY&#146;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&#146;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 align="left" style="font-size: 8.5pt">MOODY&#146;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&#146;S have, prior to
assignment of any rating, agreed to pay to MOODY&#146;S for appraisal and rating services rendered by it
fees ranging from $1,500 to approximately $2,400,000. Moody&#146;s Corporation (MCO)&nbsp;and its
wholly-owned credit rating agency subsidiary, Moody&#146;s Investors Service (MIS), also maintain
policies and procedures to address the independence of MIS&#146;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&#146;s website at
www.moodys.com under the heading &#147;Shareholder Relations -Corporate Governance -Director and
Shareholder Affiliation Policy.&#148;


<P align="center" style="font-size: 8.5pt"><FONT style="font-size: 11pt">Page 6 of 6</FONT>




<P align="center" style="font-size: 10pt; display: none">9
<!-- PAGEBREAK -->




<P align="center" style="font-size: 11pt"><FONT style="font-size: 12pt"><B>SIGNATURES</B></FONT>



<P align="left" style="font-size: 12pt; text-indent: 4%">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.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PHILIPPINE LONG DISTANCE<BR>
TELEPHONE COMPANY</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By : /s/ Ma. Lourdes C. Rausa-Chan</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name : MA. LOURDES C. RAUSA-CHAN<BR>
Title : Senior Vice President, Corporate<BR>
Affairs and Legal Services Head<BR>
and Corporate Secretary</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt">Date: March&nbsp;17, 2009



<P align="center" style="font-size: 10pt; display: none">10


<!-- v.060107 -->
</BODY>

<!-- End ExhibitContentPage -->
<!-- ExhibitContentFooter Page -->
</HTML>
<!-- ExhibitContentFooter Page -->
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
