<SEC-DOCUMENT>0001309014-11-000185.txt : 20110401
<SEC-HEADER>0001309014-11-000185.hdr.sgml : 20110401
<ACCEPTANCE-DATETIME>20110401060316
ACCESSION NUMBER:		0001309014-11-000185
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110401
FILED AS OF DATE:		20110401
DATE AS OF CHANGE:		20110401

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:		11728595

	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_5720.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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Philippine Long Distance Telephone Company&nbsp;-&nbsp;Form&nbsp;6-K
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UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
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<P>
<CENTER>
<FONT SIZE="+2" FACE="Arial"><B>FORM 6-K</B></FONT><BR>

</CENTER>
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<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>
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</P>
<P>
<CENTER>
April 1, 2011
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<P>
<CENTER>

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<!-- Cover Page Registrant -->
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	<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>
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    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	&nbsp;
    </TD>
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	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>
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<FONT SIZE="3">
<PRE>
Copies of the disclosure letters that we filed today with the Securities and
Exchange Commission and the Philippine Stock Exchange regarding the press
release issued by Fitch Ratings (Fitch) entitled &#8220;Fitch Places Philippine Long
Distance Telephone on Rating Watch Positive on Acquisition&#8221;.
</PRE>
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<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>
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<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: 04/01/2011
    </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>
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<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 -->
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    <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">Copies of the disclosure letters that we filed today with the Securities and Exchange Commission and the Philippine Stock Exchange regarding the press release issued by Fitch Ratings (Fitch) entitled &#8220;Fitch Places Philippine Long Distance Telephone on Rating Watch Positive on Acquisition&#8221;.</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 -->
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<!-- End HR Page Break --><!-- HTML Footer Page -->
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<!-- End HTML Footer Page -->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99
<TEXT>
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<HEAD>
<TITLE>
Exhibit&nbsp;&nbsp;EX-99
</TITLE>
</HEAD>
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<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, 2010. 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
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<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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt">Copies of the disclosure letters that we filed<BR>
today with the Securities and Exchange Commission and<BR>
the Philippine Stock Exchange regarding the press<BR>
release issued by Fitch Ratings (Fitch) entitled<BR>
&#147;Fitch Places Philippine Long Distance Telephone on<BR>
Rating Watch Positive on Acquisition&#148;.</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">6<BR>
<BR>
<BR>
<BR>
<BR>
<BR></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">3
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<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">April&nbsp;1, 2011</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt">The Philippine Stock Exchange
<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="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
</TR>

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


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


<P align="left" style="font-size: 12pt">We submit herewith a copy of SEC Form 17-C with a press release issued by Fitch Ratings (Fitch)
entitled &#147;Fitch Places Philippine Long Distance Telephone on Rating Watch Positive on Acquisition&#148;.


<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 7</FONT>







<P align="center" style="font-size: 10pt; display: none">4
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<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">Exhibit&nbsp;1
</FONT>

<P align="left" style="font-size: 12pt">April&nbsp;1, 2011


<P align="left" style="font-size: 12pt">SECURITIES & 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="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>

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


<P align="left" style="font-size: 12pt">We submit herewith three (3)&nbsp;copies of SEC Form 17-C with a press release issued by Fitch Ratings
(Fitch) entitled &#147;Fitch Places Philippine Long Distance Telephone on Rating Watch Positive on
Acquisition&#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 7</FONT>




<P align="center" style="font-size: 10pt; display: none">5
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<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>April&nbsp;1, 2011</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. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (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="14%">&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">Legaspi corner dela Rosa Streets, Makati City<BR>
Address of principal office
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1200</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
Postal Code</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<P align="center" style="font-size: 11pt">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="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>

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


<P align="center" style="font-size: 11pt">Page 3 of 7




<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 Fitch Ratings (Fitch) entitled &#147;Fitch Places
Philippine Long Distance Telephone on Rating Watch Positive on Acquisition&#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: April&nbsp;1, 2011


<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt">Page 4 of 7</FONT>




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




<P align="left" style="font-size: 11pt"><FONT style="font-size: 10.5pt">Exhibit&nbsp;1
</FONT>

<P align="left" style="font-size: 10.5pt"><FONT style="font-size: 16pt"><B>FitchRatings</B>
</FONT>

<P align="center" style="font-size: 16pt"><FONT style="font-size: 10.5pt"><B>FITCH PLACES PHILIPPINE LONG DISTANCE TELEPHONE<BR>
ON RATING WATCH POSITIVE ON ACQUISITION</B></FONT>



<P align="left" style="font-size: 10.5pt">Fitch Ratings-New Delhi/Seoul/Singapore-01 April&nbsp;2011: Fitch Ratings has today placed Philippine
Long Distance Telephone Company&#146;s (PLDT)&nbsp;Long-Term Local-Currency IDR (LT LC IDR) of &#145;BBB&#146; on
Rating Watch Positive (RWP). At the same time, Fitch has affirmed PLDT&#146;s Long-Term Foreign-Currency
IDR (LT FC IDR), its outstanding global bonds and senior notes at &#145;BB&#043;&#146;, and National Long-Term
Rating at &#145;AAA(phl)&#146;. The Outlook on the LT FC IDR and National Long-Term Rating is Stable.


<P align="left" style="font-size: 10.5pt">The RWP reflects the agency&#146;s positive views on PLDT&#146;s potential acquisition of a controlling
interest in Digital Telecommunications Philippines, Inc. (Digitel). PLDT announced on 29 March that
it has entered into a binding agreement with J G Summit Holdings, Inc (JGS)&nbsp;to acquire a 51.55%
stake in Digitel. After the acquisition, the combined entity would be the undisputed market leader
by a significant margin, claiming around 70% of wireless subscribers and 66% of wireless revenues
in the Philippines (compared to 53% and 58% currently).


<P align="left" style="font-size: 10.5pt">The resolution of the Rating Watch will be predicated on the final funding mix for the payout to
minority shareholders, terms and conditions of the payout debt (for minority shareholder payment)
and finalisation of the transaction following all required approvals. The agency will also take
into consideration the financials of the combined entity and its future business plans when
resolving the Rating Watch. The LT LC IDR is likely to be upgraded by one notch once the
transaction is completed with all necessary approvals, and on the basis that the credit metrics of
the combined entity are in line with agency&#146;s expectations. However, in the case of non-approval by
the regulator or if Fitch has new reason to believe that telecom regulatory risk in the Philippines
is likely to rise, then the Outlook on the LC IDR would be revised back to Stable.


<P align="left" style="font-size: 10.5pt">The transaction is expected to be completed by end-June&nbsp;2011 and is subject to statutory and
regulatory approvals. PLDT&#146;s management expects to receive the regulator&#146;s approval despite this
transaction resulting in a duopoly market, given their belief that the transaction is not
anti-competitive and the industry would soon become a three-player market again with the entry of
San Miguel Corporation (SMC). Moreover, management believes that the Philippine telcos are also
facing competition from &#147;over-the-top&#148; players like social networking sites which are cannibalising
the telcos&#146; high-margin short messaging services (SMS)&nbsp;revenues.


<P align="left" style="font-size: 10.5pt">Post-acquisition, JGS would have a 12.8% stake in the enlarged issued share capital of PLDT.
According to the announcement, PLDT expects to fund this acquisition by issuing 27.70&nbsp;million new
shares at PHP2,500 per share, and no debt funding is involved. Fitch notes that this acquisition
would trigger a mandatory open offer by PLDT to Digitel&#146;s minority shareholders which hold a total
stake of 48.45% (3.1&nbsp;billion shares). PLDT expects to acquire the same at PHP1.60 per share through
either cash or a further issuance of PLDT shares at PHP2,500 per share.


<P align="center" style="font-size: 10.5pt"><FONT style="font-size: 11pt">Page 5 of 7</FONT>




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




<P align="left" style="font-size: 11pt"><FONT style="font-size: 10.5pt">Exhibit&nbsp;1
</FONT>

<P align="left" style="font-size: 10.5pt">The combined entity&#146;s credit metrics are expected to be almost similar to that of PLDT today.
Although Fitch expects PLDT&#146;s FFO adjusted net leverage to increase slightly on consolidating
Digitel&#146;s estimated debt of PHP25.35bn (USD600m) (as indicated by PLDT&#146;s management) at end-June
2011, and assuming a 50% of debt-funded payment (PHP2.5bn) to minority shareholders, it should
remain well below the agency&#146;s negative guidance of 2.0x in view of the largely equity funded
acquisition. Moreover, management expects the company&#146;s net debt to EBITDA ratio to remain below
1.0x following the acquisition. Fitch also notes that telecom regulatory risk in the Philippines is
relatively lower than most other Asia-pacific countries as evidenced by minimal intervention on
tariffs, a low rate of issuing new licenses to create additional competition, and a low frequency
of reviewing termination rates.


<P align="left" style="font-size: 10.5pt">Philippine telcos are currently challenged by declining average revenue per user, due largely to
price-based competition from Digitel which offers unlimited services. Fitch believes that the
potential acquisition would address this concern by easing price-based competition and creating a
more favourable industry duopoly structure in the short term. Nevertheless, Fitch expects that
competition is likely to re-emerge with the entry of SMC and the launch of services on a wider
scale. SMC has completed a number of investments over the last two years namely Bell
Telecommunication Philippines Inc, Express Telecommunications Company and Liberty Telecoms Holdings
INC (Liberty). These companies have spectrum that would allow the launch of voice and data
services. Liberty, which is a joint-venture (JV)&nbsp;with Qatar Telecom (Qtel) Q.S.C. (&#145;A&#043;&#146;/Stable),
already offers broadband services in the country and has about 11,000 subscribers to date. SMC has
been working with Qtel since December&nbsp;2008 to develop wireless broadband and mobile communications
projects in the Philippines.


<P align="left" style="font-size: 10.5pt">Another major concern for the Philippine telcos is the pressure on overall operating margins
resulting from the changing revenue mix from high-margin SMS, national long distance (NLD)&nbsp;and
international long distance (ILD)&nbsp;revenues to relatively lower-margin fixed and wireless broadband
services. Fitch does not expect the potential acquisition to alleviate this concern and accordingly
expects the telcos&#146; overall margins to remain under pressure on this count.


<P align="left" style="font-size: 10.5pt">PLDT&#146;s LT LC IDR of &#145;BBB&#146; (which currently exceeds the sovereign Local-Currency rating by two
notches) ignores foreign-currency transfer and convertibility risk, and is more reflective of its
stand-alone credit profile. The company&#146;s FC IDR remains constrained by the Philippines&#146; Country
Ceiling, which is currently &#145;BB&#043;&#146;. The National Rating of &#145;AAA(phl)&#146; incorporates all the above
factors and is indicative of PLDT&#146;s relative credit strength among all Philippine companies.


<P align="left" style="font-size: 10.5pt">Digitel operates through its Sun Cellular brand and is the third largest Philippine telco with 14
million wireless and 450,000 fixed-line subscribers. It has an estimated 16% subscriber and 8%
revenue market share at end-December&nbsp;2010. For the nine months ending September&nbsp;2010, Digitel
posted revenue of PHP12.1bn and EBITDA of PHP4.2bn with an EBITDA margin of 34.7%.


<P align="center" style="font-size: 10.5pt"><FONT style="font-size: 11pt">Page 6 of 7</FONT>




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




<P align="left" style="font-size: 11pt"><FONT style="font-size: 10.5pt">Exhibit&nbsp;1
</FONT>

<P align="left" style="font-size: 10.5pt"><FONT style="font-size: 10pt">Contacts:
</FONT>

<P align="left" style="font-size: 10pt">Primary Analyst
<BR>
Nitin Soni
<BR>
Analyst
<BR>
&#043;91 11 4356 7239
<BR>
Fitch Ratings India Pvt Ltd
<BR>
414-421, Fourth floor, World Trade Centre
<BR>
Barakhamba lane, Connaught Place
<BR>
New Delhi -110 001, India


<P align="left" style="margin-right:18%; font-size: 10pt">Secondary Analyst
<BR>
Matt Jamieson
<BR>
Senior Director &#043;82 2 3278 8355


<P align="left" style="margin-right:20%; font-size: 10pt">Committee Chairperson
<BR>
Vicky Melbourne
<BR>
Senior Director
<BR>
&#043;61 2 8256 0325


<P align="left" style="font-size: 10pt">Media Relations: Shivani Sundralingam, Singapore, Tel: &#043; 65 6796 7215, Email:
shivani.sundralingam@fitchratings.com.


<P align="left" style="font-size: 10pt">Additional information is available at www.fitchratings.com.


<P align="left" style="font-size: 10pt">Applicable criteria, &#145;Corporate Rating Methodology&#146;, dated 16 August&nbsp;2010, &#145;Cash Flow Measures in
Corporate Analysis&#146;, dated 12 October&nbsp;2005, &#145;Rating Global Telecoms Companies-Sector Credit
Factors&#146;, dated 16 September&nbsp;2010, &#147;Rating Corporates Above the Country Ceiling&#148;, dated 5 January
2011, are available at www.fitchratings.com.


<P align="left" style="font-size: 10pt">Applicable Criteria and Related Research:
<BR>
Corporate Rating Methodology
<BR>
http://www.fitchratings.com/creditdesk/reports/report&#151;frame.cfm?rpt&#151;id=546646
<BR>
Cash Flow Measures in Corporate Analysis
<BR>
http://www.fitchratings.com/creditdesk/reports/report&#151;frame.cfm?rpt&#151;id=243758
<BR>
Rating Global Telecoms Companies -Sector Credit Factors
<BR>
http://www.fitchratings.com/creditdesk/reports/report&#151;frame.cfm?rpt&#151;id=550205
<BR>
Rating Corporates Above the Country Ceiling
<BR>
http://www.fitchratings.com/creditdesk/reports/report&#151;frame.cfm?rpt&#151;id=594985


<P align="left" style="font-size: 10pt">ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE
LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
<BR>
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS
OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY&#146;S PUBLIC WEBSITE &#145;WWW.FITCHRATINGS.COM&#146;.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH&#146;S
CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER
RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE &#145;CODE OF CONDUCT&#146; SECTION OF THIS
SITE.</FONT><FONT style="font-size: 10.5pt">
</FONT>

<P align="center" style="font-size: 10.5pt"><FONT style="font-size: 11pt">Page 7 of 7</FONT>




<P align="center" style="font-size: 10pt; display: none">10
<!-- 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: April&nbsp;1, 2011



<P align="center" style="font-size: 10pt; display: none">11




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