<SEC-DOCUMENT>0001309014-12-000282.txt : 20120413
<SEC-HEADER>0001309014-12-000282.hdr.sgml : 20120413
<ACCEPTANCE-DATETIME>20120413060910
ACCESSION NUMBER:		0001309014-12-000282
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120413
FILED AS OF DATE:		20120413
DATE AS OF CHANGE:		20120413

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:		12757430

	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_6734.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>
</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>
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</P>
<P>
<CENTER>
April 13, 2012
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<P>
<CENTER>

</CENTER>
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<!-- Cover Page Registrant -->
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    <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>
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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
</PRE>
</FONT>
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<FONT SIZE="+1">
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<B>SIGNATURES</B>
</CENTER>
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<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>
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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: 04/13/2012
    </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 and 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 Moody&#8217;s Investors Service (Moody&#8217;s) entitled &#8220;Moody&#8217;s downgrades PLDT&#8217;s local currency rating to Baa3&#8221;.</FONT>
    </TD>
  </TR>
<!-- End Exhibit Index Item -->
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  <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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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99
<TEXT>
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<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>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></FONT>



<P align="center" style="font-size: 12pt"><B>FORM 6-K</B>



<P align="center" style="font-size: 12pt"><B>Report of Foreign Private Issuer</B>



<P align="center" style="font-size: 12pt"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16<BR>
of the Securities Exchange Act of 1934</B>



<P align="center" style="font-size: 12pt"><B>For the month of April&nbsp;2012</B>



<P align="center" style="font-size: 12pt"><B>Commission File Number 1-03006</B>



<P align="center" style="font-size: 12pt"><B>Philippine Long Distance Telephone Company</B><BR>
(Exact Name of Registrant as Specified in Its Charter)



<P align="center" style="font-size: 12pt"><B>Ramon Cojuangco Building<BR>
Makati Avenue<BR>
Makati City<BR>
Philippines</B><BR>
(Address of principal executive offices)



<P align="left" style="font-size: 12pt">(Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.)



<P align="left" style="margin-left:8%; font-size: 12pt">Form&nbsp;20-F <FONT style="font-family: Symbol">&#214;</FONT> Form&nbsp;40-F


<P align="left" style="font-size: 12pt">(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&nbsp;12g3-2(b)
under the Securities Exchange Act of 1934.)



<P align="left" style="margin-left:8%; font-size: 12pt; text-indent: 4%">Yes No <FONT style="font-family: Symbol">&#214;
</FONT>

<P align="left" style="font-size: 12pt">(If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b): 82- <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> )


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->

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



<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, 2011. 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%">2
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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">3
<!-- 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 Moody&#146;s Investors Service (Moody&#146;s)<BR>
entitled &#147;Moody&#146;s downgrades PLDT&#146;s local currency<BR>
rating to Baa3&#148;.</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">9<BR>
<BR>
<BR>
<BR>
<BR>
<BR></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<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>
<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;13, 2012</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 Moody&#146;s Investors Service
(Moody&#146;s) entitled &#147;Moody&#146;s downgrades PLDT&#146;s local currency rating to Baa3&#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 9</FONT>




<P align="center" style="font-size: 10pt; display: none">5
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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;13, 2012


<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="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&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="left" valign="top">:</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 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 align="left" valign="top">&nbsp;</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 align="left" valign="top">&nbsp;</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 Moody&#146;s
Investors Service (Moody&#146;s) entitled &#147;Moody&#146;s downgrades PLDT&#146;s local currency rating to Baa3&#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 2 of 9</FONT>




<P align="center" style="font-size: 10pt; display: none">6
<!-- 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>April&nbsp;13, 2012</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="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="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 9




<P align="center" style="font-size: 10pt; display: none">7
<!-- 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
downgrades PLDT&#146;s local currency rating to Baa3&#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;13, 2012


<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt">Page 4 of 9</FONT>




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




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

<P align="left" style="font-size: 12pt"><FONT style="font-size: 16pt"><B>MOODY&#146;S</B>
</FONT><BR>
<FONT style="font-size: 12pt"><B>INVESTORS SERVICE</B>
</FONT>

<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt"><B>Rating Action: Moody&#146;s downgrades PLDT&#146;s local currency rating to Baa3</B>
</FONT>

<P align="left" style="font-size: 10pt"><B>Global Credit Research &#151; 12 Apr 2012</B>


<P align="left" style="font-size: 10pt">Hong Kong, April&nbsp;12, 2012 &#151; Moody&#146;s Investors Service has downgraded the local currency rating of
Philippine Long Distance Telephone Company (PLDT)&nbsp;to Baa3 from Baa2.


<P align="left" style="font-size: 10pt">At the same time we have affirmed the foreign currency bond rating of Baa3.


<P align="left" style="font-size: 10pt">The outlook on all ratings is stable.


<P align="left" style="font-size: 10pt">RATINGS RATIONALE


<P align="left" style="font-size: 10pt">The rating action reflects Moody&#146;s view that as PLDT is predominantly a domestic entity, with
substantially all of its revenues derived and assets based in the Philippines (Ba2, stable), its
fundamental creditworthiness needs to more closely reflect shared risks that potentially exist
between it and the sovereign.


<P align="left" style="font-size: 10pt">PLDT&#146;s credit quality remains well balanced despite a sizeable recent acquisition and an
accelerated capex programme. However, the transmission of credit risk from a sovereign to issuers
domiciled in that country has become increasingly evident, as was the case during the financial
crisis of 2008 and, more recently, during the European sovereign crisis.


<P align="left" style="font-size: 10pt">As a result, Moody&#146;s has narrowed the rating gap between the sovereign and PLDT to two-notches to
better reflect this long-term transmission of credit risk. This rating differential is consistent
with broad principles stated in Moody&#146;s recently published Rating Implementation Guidance document
&#147;How Sovereign Credit Quality May Affect Other Ratings&#148; and which is available on moodys.com.


<P align="left" style="font-size: 10pt">&#147;In order to be rated significantly above the sovereign, an issuer needs not only to be
fundamentally stronger than the sovereign from a credit perspective, but also demonstrate a degree
of insulation from the domestic macroeconomic and financial disruption, which generally accompanies
a sovereign default,&#148; says Laura Acres, a Moody&#146;s Vice President and Senior Credit Officer.


<P align="left" style="font-size: 10pt">&#147;We continue to take into account PLDT&#146;s strong fundamental credit quality, evidenced by its
manageable leverage and excellent liquidity, by rating it two notches above the sovereign&#146;s rating
of Ba2. Nonetheless, we believe that the extent to which the company depends on the wider
macroeconomic performance of the Philippines no longer justifies a three-notch differential between
the two,&#148; adds Acres, also Moody&#146;s Lead Analyst for PLDT.


<P align="left" style="font-size: 10pt">Moody&#146;s stresses that the rating action is not an indication of any deterioration in PLDT&#146;s credit
fundamentals or and change in sovereign risk. However, any downward rating action at the sovereign
level would, in all likelihood, result in negative rating actions for PLDT, as Moody&#146;s would seek
to maintain the current notching gap in the absence of any further credit deterioration.


<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt">Page 5 of 9</FONT>




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




<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt">Exhibit&nbsp;1
</FONT>

<P align="left" style="font-size: 10pt">For PLDT&#146;s ratings to be upgraded, the sovereign rating would need to be upgraded. Alternatively,
PLDT would need to generate a substantially greater revenue share from outside of the Philippines,
which seems unlikely over the near to medium term.


<P align="left" style="font-size: 10pt">The principal methodology used in rating PLDT was Moody&#146;s Rating Methodology for the Global
Telecommunications Industry, published in December&nbsp;2010. Please see the Credit Policy page on
www.moodys.co2 for a copy of this methodology.


<P align="left" style="font-size: 10pt">Other Factors used in this rating are described in the Rating Implementation Guidance document: How
Sovereign Credit Quality May Affect Other Ratings, published in February&nbsp;2012.


<P align="left" style="font-size: 10pt">PLDT, headquartered in Manila and listed on the Philippine Stock Exchange with American Depository
Receipts traded on the New York Stock Exchange, is an integrated provider of fixed-line, broadband,
cellular, Information and Communications Technology and Business Process Outsourcing services.


<P align="left" style="font-size: 10pt">In October&nbsp;2011, PLDT acquired Digital Telecommunications Philippines Inc. (Digitel) from JG Summit
Holdings Inc. Digitel is the 100% owner of Digitel Mobile Philippines Inc., which owns the brand
Sun Cellular, the Philippines&#146; third-largest telecommunications operator after PLDT and Globe
Telecom. Following this acquisition, PLDT held an approximate 68% subscriber market share for
cellular telephony, 65% for fixed-line services, and about 65% for broadband.


<P align="left" style="font-size: 10pt">REGULATORY DISCLOSURES


<P align="left" style="font-size: 10pt">The Global Scale Credit Ratings on this press release that are issued by one of Moody&#146;s affiliates
outside the EU are endorsed by Moody&#146;s Investors Service Ltd., One Canada Square, Canary Wharf,
London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC)&nbsp;No 1060/2009 on
Credit Rating Agencies. Further information on the EU endorsement status and on the Moody&#146;s office
that has issued a particular Credit Rating is available on www.moodys.com.


<P align="left" style="font-size: 10pt">For ratings issued on a program, series or category/class of debt, this announcement provides
relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of
the same series or category/class of debt or pursuant to a program for which the ratings are
derived exclusively from existing ratings in accordance with Moody&#146;s rating practices. For ratings
issued on a support provider, this announcement provides relevant regulatory disclosures in
relation to the rating action on the support provider and in relation to each particular rating
action for securities that derive their credit ratings from the support provider&#146;s credit rating.
For provisional ratings, this announcement provides relevant regulatory disclosures in relation to
the provisional rating assigned, and in relation to a definitive rating that may be assigned
subsequent to the final issuance of the debt, in each case where the transaction structure and
terms have not changed prior to the assignment of the definitive rating in a manner that would have
affected the rating. For further information please see the ratings tab on the issuer/entity page
for the respective issuer on www.moodys.com.


<P align="left" style="font-size: 10pt">The rating has been disclosed to the rated entity or its designated agent(s) and issued with no
amendment resulting from that disclosure.


<P align="left" style="font-size: 10pt">Information sources used to prepare the rating are the following: parties involved in the ratings,
public information, and confidential and proprietary Moody&#146;s Investors Service information.


<P align="left" style="font-size: 10pt">Moody&#146;s considers the quality of information available on the rated entity, obligation or credit
satisfactory for the purposes of issuing a rating.


<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt">Page 6 of 9</FONT>




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




<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt">Exhibit&nbsp;1
</FONT>

<P align="left" style="font-size: 10pt">Moody&#146;s adopts all necessary measures so that the information it uses in assigning a rating is of
sufficient quality and from sources Moody&#146;s considers to be reliable including, when appropriate,
independent third-party sources. However, Moody&#146;s is not an auditor and cannot in every instance
independently verify or validate information received in the rating process.


<P align="left" style="font-size: 10pt">Please see the ratings disclosure page on www.moodys.com for general disclosure on potential
conflicts of interests.


<P align="left" style="font-size: 10pt">Please see the ratings disclosure page on www.moodys.com for information on (A)&nbsp;MCO&#146;s major
shareholders (above 5%) and for (B)&nbsp;further information regarding certain affiliations that may
exist between directors of MCO and rated entities as well as (C)&nbsp;the names of entities that hold
ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more
than 5%. A member of the board of directors of this rated entity may also be a member of the board
of directors of a shareholder of Moody&#146;s Corporation; however, Moody&#146;s has no&#096; independently
verified this matter.


<P align="left" style="font-size: 10pt">Please see Moody&#146;s Rating Symbols and Definitions on the Rating Process page on www.moodys.com for
further information on the meaning of each rating category and the definition of default and
recovery.


<P align="left" style="font-size: 10pt">Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and
the rating history.


<P align="left" style="font-size: 10pt">The date on which some ratings were first released goes back to a time before Moody&#146;s ratings were
fully digitized and accurate data may not be available. Consequently, Moody&#146;s provides a date that
it believes is the most reliable and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com for further information.


<P align="left" style="font-size: 10pt">Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody&#146;s
legal entity that has issued the rating.


<P align="left" style="font-size: 10pt">Laura Acres
<BR>
VP &#151; Senior Credit Officer
<BR>
Corporate Finance Group
<BR>
Moody&#146;s Investors Service Hong Kong Ltd.
<BR>
24/F One Pacific Place
<BR>
88 Queensway
<BR>
Hong Kong
<BR>
China (Hong Kong S.A.R.)
<BR>
JOURNALISTS: (852)&nbsp;3758 -1350
<BR>
SUBSCRIBERS: (852)&nbsp;3551-3077


<P align="left" style="font-size: 10pt">Gary Lau
<BR>
MD &#151; Corporate Finance
<BR>
Corporate Finance Group
<BR>
JOURNALISTS: (852)&nbsp;3758 -1350
<BR>
SUBSCRIBERS: (852)&nbsp;3551-3077


<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt">Page 7 of 9</FONT>




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




<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt">Exhibit&nbsp;1
</FONT>

<P align="left" style="font-size: 10pt">Releasing Office:
<BR>
Moody&#146;s Investors Service Hong Kong Ltd.
<BR>
24/F One Pacific Place
<BR>
88 Queensway
<BR>
Hong Kong
<BR>
China (Hong Kong S.A.R.)
<BR>
JOURNALISTS: (852)&nbsp;3758 -1350
<BR>
SUBSCRIBERS: (852)&nbsp;3551-3077


<P align="left" style="font-size: 10pt">&#169; 2012 Moody&#146;s Investors Service, Inc. and/or its licensors and affiliates (collectively,
&#147;MOODY&#146;S&#148;). All rights reserved.


<P align="left" style="font-size: 10pt">CREDIT RATINGS ISSUED BY MOODY&#146;S INVESTORS SERVICE, INC. (&#147;MIS&#148;) AND ITS AFFILIATES ARE MOODY&#146;S
CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR
DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY&#146;S (&#147;MOODY&#146;s
PUBLICATIONS&#148;) MAY INCLUDE MOODY&#146;S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES,
CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY&#146;S 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 RISK2 MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY&#146;s
OPINIONS INCLUDED IN MOODY&#146;S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT
RATINGS AND MOODY&#146;S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND
CREDIT RATINGS AND MOODY&#146;S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE,
SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY&#146;S PUBLICATIONS COMMENT ON THE
SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY&#146;S ISSUES ITS CREDIT RATINGS AND
PUBLISHED MOODY&#146;S PUBLICATIONS 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.


<P align="left" style="font-size: 10pt">ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NO0 LIMITED TO, COPYRIGHT LAW,
AND NONE OF SUCH INFORMATION MAY BE COPIED OT 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, all information contained herein is
provided &#147;AS IS&#148; without warranty of any kind. MOODY&#146;S adopts all necessary measures so that the
information it uses in assigning a credit rating is of sufficient quality and from sources Moody&#146;s
considers to be reliable, including, when appropriate, independent third-party sources. However,
MOODY&#146;S is not an auditor and cannot in every instance independently verify or validate information
received in the rating process. 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


<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt">Page 8 of 9</FONT>




<P align="center" style="font-size: 10pt; display: none">12
<!-- PAGEBREAK -->




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

<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt">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 ratings, financial reporting analysis, projections, and other
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. Each user of the information contained herein must make its
own study and evaluation of each security it may consider purchasing, holding or selling. NO
WARRANTY, EXPRESS OP IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR
FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OP INFORMATION IS GIVEN OR
MADE BY MOODY&#146;S IN ANY FORM OR MANNER WHATSOEVER.
</FONT>

<P align="left" style="font-size: 10pt">MIS, a wholly-owned credit rating agency subsidiary of Moody&#146;s Corporation (&#147;MCO&#148;), hereby
discloses that most issuers of debt securities (including corporate and municipal bonds,
debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment
of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging
from $1,500 to approximately $2,500,000. MCO and 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 as ownership interest in MCO of
more than 5%, is posted annually at www.moodys.com under the heading &#147;Shareholder Relations &#151;
Corporate Governance &#151; Director and Shareholder Affiliation Policy.&#148;


<P align="left" style="font-size: 10pt">Any publication into Australia of this document is by MOODY&#146;S affiliate, Moody&#146;s Investors Service
Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969M This
document is intended to be provided only to &#147;wholesale clients&#148; within the meaning of section 761G
of the Corporations Act 2001. By continuing to access this document from within Australian you
represent to MOODY&#146;S that you are, or are accessing the document as a representative of, a
&#147;wholesale client&#148; and that neither you nor the entity you represent will directly or indirectly
disseminate this document or its contents to &#147;retail clients&#148; within the meaning of section 761G of
the Corporations Act 2001.


<P align="left" style="font-size: 10pt">Notwithstanding the foregoing, credit ratings assigned on and after October&nbsp;1, 2010 by Moody&#146;s
Japan K.K. (&#147;MJKK&#148;) are MJKK&#146;s current opinions of the relative future credit risk of entities,
credit commitments, or debt or debt-like securities. In such a case, &#147;MIS&#148; in the foregoing
statements shall be deemed to be replaced with &#147;MJKK&#148;. MJKK is a wholly-owned credit rating agency
subsidiary of Moody&#146;s Group Japan G.K., which is wholly owned by Moody&#146;s Overseas Holdings Inc., a
wholly-owned subsidiary of MCO.


<P align="left" style="font-size: 10pt">This credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not
on the equity securities of the issuer or any form of security that is available to retail
investors. It would be dangerous for retail investors to make any investment decision based on this
credit rating. If in doubt you should contact your financial or other professional adviser.


<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt">Page 9 of 9</FONT>




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<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%">
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<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
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<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;13, 2012



<P align="center" style="font-size: 10pt; display: none">14




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