<SEC-DOCUMENT>0001193125-17-279720.txt : 20171019
<SEC-HEADER>0001193125-17-279720.hdr.sgml : 20171019
<ACCEPTANCE-DATETIME>20170908061536
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-279720
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PLDT Inc.
		CENTRAL INDEX KEY:			0000078150
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		RAMON CONJUANGCO BLDG
		STREET 2:		MAKATI AVE
		CITY:			MAKATI METRO MANILA
		STATE:			R6
		ZIP:			0721
		BUSINESS PHONE:		0116328168553

	MAIL ADDRESS:	
		STREET 1:		RAMON CONJUANGCO BLDG
		STREET 2:		MAKATI AVE
		CITY:			MAKATI METRO MANILA
		STATE:			R6
		ZIP:			0721

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIPPINE LONG DISTANCE TELEPHONE CO
		DATE OF NAME CHANGE:	19940303
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">September&nbsp;8, 2017 </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Via EDGAR </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Cecilia Blye </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Chief, Office of Global Security Risk </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C.
20549 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States of America </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="white-space:nowrap">PLDT&nbsp;Inc.&nbsp;Annual&nbsp;Report&nbsp;on&nbsp;Form&nbsp;20-F&nbsp;for&nbsp;the&nbsp;Fiscal&nbsp;Year&nbsp;
Ended</FONT> December&nbsp;31, 2016</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed April&nbsp;27, 2017</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">File No.&nbsp;001-03006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
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</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Ms.&nbsp;Blye: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This is in response to the comment letter from the staff (the &#147;Staff&#148;) of the United States Securities and Exchange Commission (the &#147;Commission&#148;), dated August&nbsp;24, 2017, relating
to the annual report on Form 20-F of PLDT Inc. (the &#147;Company&#148;) for the fiscal year ended December&nbsp;31, 2016 (the &#147;2016 Form 20-F&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For your convenience, the Company has included the Staff comments in this response letter in italicized form and keyed its responses accordingly. The Company&#146;s responses to the Staff comments are as
follows. Capitalized terms used and not defined regarding the 2016 Form 20-F have the meanings given them in the 2016 Form 20-F. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Form
20-F for the Year Ended December&nbsp;31, 2016 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>General </U></B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>1.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>On your website you provide long-distance calling rates for Syria. You state on page 36 of the 20-F that you invested in the &#147;Asia Africa Europe Cable
No.&nbsp;1. (AAE-1).&#148; Sudan, located in Africa, and Syria are designated by the U.S. Department of State as state sponsors of terrorism, and are subject to U.S. economic sanctions and export controls. Please describe to us the nature and extent
of any past, current, and anticipated contacts with Sudan and Syria, whether through subsidiaries, affiliates, distributors, partners, resellers, customers, joint ventures or other direct or indirect arrangements. You should describe any services,
products, information or technology you have provided to Sudan or Syria, directly or indirectly, and any agreements, commercial arrangements, or other contacts you have had with the governments of those countries or entities they control.</I>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms. Blye </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company respectfully advises the Staff that AAE-1 does not have any landing point in and does not otherwise connect to Sudan, and the PLDT Group has not constructed, does not own, and has no plans to
build or invest in any infrastructure in or involving Sudan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company respectfully advises the Staff that the only
business activities that the PLDT Group currently has involving Sudan and Syria are international roaming agreements and interworking agreements with telecommunications service providers in Sudan and Syria and the service agreements described below.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Similar to other global telecommunications service providers, the PLDT Group has numerous international arrangements,
including but not limited to international roaming agreements and interworking agreements, with other telecommunications service providers worldwide in the ordinary course of its business. As of the date hereof, the PLDT Group has international
arrangements with 125 foreign carriers, comprising arrangements between the Company and 85 foreign carriers from 44 countries and arrangements between Smart Communications, Inc., a subsidiary of the Company (&#147;Smart&#148;), and 40 foreign
carriers from 17 countries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">PLDT Group&#146;s international roaming agreements and interworking agreements with other
telecommunications service providers altogether enable the participating telecommunications service providers to provide voice services internationally, through which their subscribers can make and receive international long distance calls. Smart
has entered into an international roaming and/or interworking agreement with the following telecommunications service providers in Sudan and Syria, some of which the Company believes are or may be government controlled entities: MTN Sudan Co. Ltd.
(&#147;MTN Sudan&#148;), Sudanese Mobile Telephone (Zain) Company Limited (&#147;Zain&#148;), and Sudatel Telecom Group (&#147;Sudatel&#148;) which are Sudanese companies, and Syriatel Mobile Telecoms S.A. (&#147;Syriatel&#148;) and MTN Syria JSC
(&#147;MTN Syria&#148;), which are Syrian companies. International roaming and interworking arrangements are standard practice for global telecommunications companies and enable the Company&#146;s customers to continue to use their mobile devices to
make and receive voice calls, exchange text messages, and browse the internet or access data while visiting other countries. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consistent with the industry practice, Smart has also entered into service agreements with various international telecommunications
service providers (the &#147;<U>Service Providers</U>&#148;), none of which is a Sudanese or Syrian entity but through which traffic is routed to Sudan or Syria, which in turn enter into relevant arrangements, directly or indirectly, with local
telecommunications service providers in Sudan and Syria, in addition to similar arrangements covering various other jurisdictions. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms. Blye </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Other than the arrangements described above, the PLDT Group has not provided, and currently does not provide, any services, products, information or technology to Sudan and Syria, directly or indirectly,
nor does it have any agreements, commercial arrangements, or other contacts with the respective governments of Sudan and Syria or entities they control. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s only assets and liabilities associated with Sudan and Syria consist of accounts receivable and accounts payable attributable to the business activities described above. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>2.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please discuss the materiality of any contacts with Sudan and Syria you describe in response to the comment above, and whether those contacts constitute a material
investment risk for your security holders. You should address materiality in quantitative terms, including the approximate dollar amounts of any associated revenues, assets, and liabilities for the last three fiscal years and the subsequent interim
period. Also, address materiality in terms of qualitative factors that a reasonable investor would deem important in making an investment decision, including the potential impact of corporate activities upon a company&#146;s reputation and share
value. Various state and municipal governments, universities, and other investors have proposed or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated state sponsors of terrorism. You
should address the potential impact of the investor sentiment evidenced by such actions directed toward companies that have operations associated with Sudan and Syria.</I> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has carefully analyzed the materiality of its business contacts with Sudan and Syria described in its response to Comment 1
above, and has concluded that such business contacts do not constitute a material investment risk for its security holders. The PLDT Group&#146;s business contacts with Sudan and Syria are part of its regular telecommunications services provided in
the ordinary course of its business, and are common for global telecommunications service providers. The Company notes that under the regulations of the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#147;OFAC&#148;)
relevant for Sudan and Syria, transactions with respect to the receipt and transmissions of telecommunications, such as international roaming and interworking arrangements, are generally licensed, subject to certain conditions, and that amendments
to the regulations of OFAC relevant for Sudan (effective January&nbsp;17, 2017, available at: <FONT STYLE="white-space:nowrap">https://www.treasury.gov/resource-center/sanctions/Programs/Documents/SSR_amendment.pdf)</FONT> add a general license
authorizing all transactions previously prohibited by OFAC&#146;s Sudanese Sanctions Regulations and by Executive Orders 13067 and 13412.</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Telecommunications-related roaming and interworking services do not seem objectionable from a policy perspective, and
other telecommunications service providers are similarly situated, so the investment risk, if any, would not be unique to the Company. Revenues generated from such business contacts in terms of dollar amount and as a percentage of the Company&#146;s
total operating revenues are immaterial. The Company sets forth below its quantitative analysis and qualitative analysis of the materiality of its business contacts with Sudan and Syria. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">This general license and other waivers provided under the amendments are not expected to be made permanent before October&nbsp;12, 2017 under the terms and conditions
specified under Executive Order 13804. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-3-
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms. Blye </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Quantitative Analysis </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company does not believe that its
existing agreements with respect to Sudan and Syria are material in quantitative terms. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Sudan</I></B> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2014, 2015, 2016 and the six months ended June&nbsp;30, 2017, revenue generated by the Company under the international roaming,
interworking and service agreements with MTN Sudan, Zain, Sudatel, and the Service Providers, collectively, totaled US$37,439, US$33,933, US$19,507 and US$7,374, respectively, each of which represented less than 0.001% of the Company&#146;s total
operating revenues in those periods. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2014, 2015, 2016 and the six months ended June&nbsp;30, 2017, expenses incurred by
the Company under the international roaming, interworking and service agreements with MTN Sudan, Zain, Sudatel and the Service Providers, collectively, totaled US$22,021, US$21,655, US$12,714 and US$5,153, respectively, each of which represented
less than 0.001% of the Company&#146;s total expenses in those periods. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-4-
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms. Blye </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Syria </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2014, 2015, 2016 and the six months ended June&nbsp;30,
2017, revenue generated by the Company under the international roaming, interworking and service agreements with Syriatel, MTN Syria and the Service Providers, collectively, totaled US$11,442, US$5,228, US$2,822, and US$1,414, respectively, each of
which represented less than 0.001% of the Company&#146;s total operating revenues in those periods. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2014, 2015, 2016 and
the six months ended June&nbsp;30, 2017, expenses incurred by the Company under the international roaming, interworking and service agreements with Syriatel, MTN Syria and the Service Providers, collectively, totaled US$23,301, US$8,158, US$4,949
and US$2,451, respectively, each of which represented less than 0.001% of the Company&#146;s total expenses in those periods. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Qualitative Analysis </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company does not believe that its business contacts with Sudan and Syria described above are material in terms of qualitative factors that a reasonable investor would deem important in making an
investment decision, including the potential impact of corporate activities upon the Company&#146;s reputation or share value, for the following reasons. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">It is common practice among telecommunications service providers to have international roaming, interworking and service agreements with other
telecommunications service providers worldwide. Without such arrangements, it would not be possible to provide international voice services. The Company believes its customers and investors expect the Company to be able to provide international
voice services. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s international roaming, interworking and service agreements are part of its regular telecommunications services provided in the
ordinary course of its business and for the benefit of its Filipino customers. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Although OFAC-administered sanctions generally apply only to &#147;U.S. Persons&#148; as defined in those regulations and transactions subject to U.S.
jurisdiction, and not to a non-U.S. entity like the Company, the Company&#146;s business contacts with Sudan and Syria do not involve any provision, sale or lease of telecommunications equipment or technology, or capacity on telecommunications
transmission facilities in Syria or Sudan, and the Company believes its business contacts are consistent with general licenses provided under the OFAC regulations. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-5-
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms. Blye </FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has not made, and does not have, any plans to start new lines of business in Sudan and Syria. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As such, the Company does not believe that its existing agreements with respect to Sudan and Syria would be considered important by a
reasonable investor in making an investment decision. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For these reasons, the Company considers its existing agreements with
MTN Sudan, Zain, Sudatel, Syriatel, MTN Syria and the Service Providers, individually and as a whole, to be immaterial, both quantitatively and qualitatively. Therefore, the Company does not believe that its reputation and share value would be
negatively affected in the eyes of a reasonable investor as a result of its business contacts with Sudan and Syria. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In light
of the foregoing, the Company believes that its agreements with MTN Sudan, Zain, Sudatel, Syriatel, MTN Syria and the Service Providers would not constitute a material investment risk, whether quantitatively or qualitatively, for the Company&#146;s
security holders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company duly notes the divestment or similar initiatives regarding investments in companies that do
business with U.S.-designated state sponsors of terrorism as stated in Comment 2. The Company believes that such initiatives are intended to address investments in companies with extensive business with U.S.-designated state sponsors of terrorism,
but not companies which only have incidental and low-level arrangements, such as the Company&#146;s international roaming, interworking and service agreements described above. To the extent that any divestment initiative is specifically directed
towards non-U.S. companies that have significant business with U.S.-designated state sponsors of terrorism or provide monetary or military support to such sponsors, the Company believes that its agreements described above do not rise to this level,
and does not believe the Company would be targeted by such divestment initiatives. Based on the foregoing consideration and given the licensed nature of the Company&#146;s business contacts with Sudan and Syria, as well as the fact that these
business contacts are not material to the Company, both quantitatively and qualitatively, individually or as a whole, the Company does not believe these business contacts would materially impact any potential divestment activity. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">* * * * </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-6-
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms. Blye </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In connection with responding to the Staff comments, the Company hereby acknowledges that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Staff comments or changes to disclosure in response to the Staff comments do not foreclose the Commission from taking any action with respect to
the filing; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company may not assert the Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities
laws of the United States. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thank you again for your time. Please feel free to contact Michael G. DeSombre
of Sullivan&nbsp;&amp; Cromwell (tel: (+852)&nbsp;2826 8696; fax: (+852)&nbsp;2826 1774; e-mail: desombrem@sullcrom.com), or the undersigned by phone at (+632)&nbsp;888 0188 or by <FONT STYLE="white-space:nowrap">e-mail</FONT> at lrchan@pldt.com.ph,
with any questions you may have. </FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Ma. Lourdes C. Rausa-Chan</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U></U>Ma. Lourdes C. Rausa-Chan</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President and Corporate Secretary</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Larry Spirgel </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Securities and
Exchange Commission) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Anabelle Lim-Chua, Senior Vice President and PLDT Chief Financial Officer </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">June Cheryl A. Cabal-Revilla, Senior Vice President, PLDT Group Controller and Smart and DMPI Chief Financial Officer </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(PLDT Inc.) </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael G. DeSombre </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Jordan H. Oreck </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Sullivan&nbsp;&amp; Cromwell) </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-7-
</FONT></P>

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