SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 

 

FORM 6-K

Report of Foreign Private Issuer 

 

Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

 

 

**For the month of November 2006**
 

 

**Commission File Number 1-03006**

 

 

Philippine Long Distance Telephone Company
(Exact Name of Registrant asSpecified in Its Charter)

 

**Ramon****Cojuangco Building**

**Makati Avenue**

**Makati****City**

**Philippines**

(Address of principal executiveoffices)

 

 

(Indicate by check markwhether the registrant files or will file annual reports under cover Form 20-For Form 40-F.)

 

Form20-F      Ö                                  Form40-F

 

 

(Indicate by check markwhether by furnishing the information contained in this Form, the registrant isalso thereby furnishing the information to the Commission pursuant to Rule12g3-2(b) under the Securities Exchange Act of 1934.)

 

Yes                                                        No       Ö

 

 

(If "Yes" ismarked, indicate below the file number assigned to the registrant in connectionwith Rule 12g3-2(b): 82- ________ )
****
 

 

NOTE REGARDINGFORWARD-LOOKING STATEMENTS

 

Some information in this report may containforward-looking statements within the meaning of Section 27A of the U.S.Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of1934.  We have based these forward-looking statements on our current beliefs,expectations and intentions as to facts, actions and events that will or mayoccur in the future.  Such statements generally are identified byforward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,”“expect,” “may,” “will” or other similar words.

A forward-looking statement may include astatement of the assumptions or bases underlying the forward-lookingstatement.  We have chosen these assumptions or bases in good faith.  Theseforward-looking statements are subject to risks, uncertainties and assumptions,some of which are beyond our control.  In addition, these forward-lookingstatements reflect our current views with respect to future events and are nota guarantee of future performance.  Actual results may differ materially frominformation contained in the forward-looking statements as a result of a numberof factors, including, without limitation, the risk factors set forth in“Item 3. Key Information – Risk Factors” in our annual report on Form 20-Ffor the fiscal year ended December 31, 2005.  You should also keep in mind thatany forward-looking statement made by us in this report or elsewhere speaksonly as at the date on which we made it.  New risks and uncertainties come upfrom time to time, and it is impossible for us to predict these events or howthey may affect us.  We have no duty to, and do not intend to, update or revisethe statements in this report after the date hereof.  In light of these risksand uncertainties, you should keep in mind that actual results may differmaterially from any forward-looking statement made in this report or elsewhere.

 
 

 

**EXHIBITS**
 

 

 

Exhibit Number

 

Page

 

1

 

A copy of the disclosure letter we sent today to the Philippine Stock Exchange and the Securities and Exchange Commission regarding cash dividend declaration on the Company’s Series IV Cumulative Non-Convertible Redeemable Preferred Stock and Series G, N, P and S 10% Cumulative Convertible Preferred Stock.

 

 

4

 

2

 

A copy of SEC Form 17-C with a press release attached thereto regarding the Company’s financial condition and results of operations for the nine (9) months ended September 30, 2006.

 

 

10

 

 

 

 

Exhibit1

 

November 7, 2006

 

Philippine Stock Exchange

4/F Philippine Stock Exchange Center

Exchange Road, Ortigas Center

Pasig City

 

Attention:  Ms. Jurisita M. Quintos

SVP– Operations Group 

 

Gentlemen:

 

            In compliancewith the disclosure requirements of the Philippine Stock Exchange, we advisethat during the meeting of the Board of Directors of our Company on November 7,2006, the following cash dividends were declared out of the unrestrictedretained earnings of the Company as of December 31, 2005:

 

1.        Atotal of P12,285,000.00 on all of the outstanding shares of the Company’sSeries IV Cumulative Non-Convertible Redeemable Preferred Stock, for thequarter ending December 15, 2006, payable on December 15, 2006 to the holder ofrecord on November 24, 2006.

 

2.        P1.00per outstanding share of the Company’s Series G 10% Cumulative Convertible PreferredStock, for the annual period ending November 30, 2006, payable on December 29,2006, to the holders of record on December 7, 2006.

 

3.        P1.00per outstanding share of the Company’s Series N 10% Cumulative ConvertiblePreferred Stock, for the annual period ending November 30, 2006, payable onDecember 29, 2006, to the holders of record on December 7, 2006.

 

4.        P1.00per outstanding share of the Company’s Series P 10% Cumulative ConvertiblePreferred Stock, for the annual period ending November 30, 2006, payable onDecember 29, 2006, to the holders of record on December 7, 2006.

 

5.        P1.00per outstanding share of the Company’s Series S 10% Cumulative ConvertiblePreferred Stock, for the annual period ending November 30, 2006, payable onDecember 29, 2006, to the holders of record on December 7, 2006.

 

            Thankyou.

 

Page 1 of 4

   
Very truly yours,

 

/s/ Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN
Corporate Secretary

Exhibit 1

 

 

COVER SHEET

 

 

P

W

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5

5

 

SEC Registration No.

 

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(Company’s Full Name)

 

R

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(Business Address: No.Street/City/Town/Province)

 

ATTY. MA. LOURDES C. RAUSA-CHAN

 

816-8405

Contact person

 

Contact Telephone No.

 

 

1

 

2

 

 

3

 

1

 

 

SEC FORM 17-C

 

 

0

 

6

Every 2nd

Tuesday

 

 

Month

 

Day

 

FORM TYPE

 

Month

Day

 

 
Fiscal Year

 

Annual Meeting

 
 

C

F

D

 

N/A

Dept. Requiring this Doc.

 

Amended Articles

Number/Section

 

 

Total Amount of Borrowings

2,190,235

As of September 30, 2006

 

 

NA

 

 

NA

Total No. of Stockholders

 

Domestic

 

Foreign

 

---------------------------------------------------------------------------------------------------------------

To be accomplished by SEC Personnelconcerned

 

 
 

 

 

 

 

 

 

 

 

 

 

______________________________

File Number

 

LCU

 
 

 
 

 

 

 

 

 

 

 

 

 

 

______________________________

 
Document I.D.

 

Cashier

 

 

STAMPS

   

 

 

 

Remarks: Please use blackink for scanning purposes

Page 2 of 4

  Exhibit 1

 

 

 

 

SECURITIES AND EXCHANGECOMMISSION

 

CURRENT REPORT UNDER SECTION 17

OF THE SECURITIES REGULATION CODE

AND SRC RULE 17.1

 

 

1.                 7 November 2006

Date of Report (Date of earliest event reported)

 

2.                 SEC Identification Number PW-55

 

3.                 BIR Tax Identification No. 000-488-793

 

4.                 PHILIPPINE LONGDISTANCE TELEPHONE COMPANY

Exact name of issuer as specified in its charter

 

5.         PHILIPPINES                                                6.____________(SEC Use Only)  

Province, country or other jurisdiction              IndustryClassification Code

of Incorporation

 

7.         Ramon Cojuangco Building, Makati Avenue, Makati City               1200 

Address of principaloffice                                                          Postal Code

 

8.         (632)816-8405 

Issuer's telephone number, includingarea code
 

9.         NotApplicable 

Former name or former address, if changed since lastreport

 

10.             Securities registered pursuant to Sections 8 and 12 ofthe Securities Regulation Code and Sections 4 and 8 of the Revised SecuritiesAct

 

Title of Each Class

Number of Shares of Common Stock

Outstanding and Amount of Debt Outstanding

_____________________________________________________________

_____________________________________________________________

_____________________________________________________________

 

Page 3 of 4

  Exhibit 1

Item9 (Other Events)

 

 

Wedisclose that the Board of Directors of Philippine Long Distance TelephoneCompany (the “Company”), at its meeting held on November 7, 2006 declared, outof the unrestricted retained earnings of the Company as of December 31, 2005,the following cash dividends:

 

1.     A total of P12,285,000.00 on all of the outstandingshares of the Company’s Series IV Cumulative Non-Convertible RedeemablePreferred Stock, for the quarter ending December 15, 2006, payable on December15, 2006 to the holder of record on November 24, 2006.

 

2.     P1.00 per outstanding share of the Company’s Series G10% Cumulative Convertible Preferred Stock, for the annual period endingNovember 30, 2006, payable on December 29, 2006, to the holders of record onDecember 7, 2006.

 

3.     P1.00 per outstanding share of the Company’s Series N10% Cumulative Convertible Preferred Stock, for the annual period endingNovember 30, 2006, payable on December 29, 2006, to the holders of record onDecember 7, 2006.

 

4.     P1.00 per outstanding share of the Company’s Series P10% Cumulative Convertible Preferred Stock, for the annual period endingNovember 30, 2006, payable on December 29, 2006, to the holders of record onDecember 7, 2006.

 

5.     P1.00 per outstanding share of the Company’s Series S10% Cumulative Convertible Preferred Stock, for the annual period endingNovember 30, 2006, payable on December 29, 2006, to the holders of record on December7, 2006.

 

Pursuant to the requirements of the Securities RegulationCode, the Company has duly caused this Report to be signed on its behalf by theundersigned hereunto duly authorized.

 

 

 

**PHILIPPINE LONG DISTANCE TELEPHONE COMPANY**
 

By:

/s/ Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

November7, 2006

Page 4 of 4

  Exhibit 2
 

 
 

 
November 7, 2006
 

 

Philippine Stock Exchange

4/F Philippine Stock Exchange Center

Exchange Road, Ortigas Center

Pasig City

 

Attention:  Ms. Jurisita M. Quintos

SVP –Operations Group 
 

Gentlemen:

 

            Inaccordance with Section 17.1 (b) and Section 17.3 of the Securities RegulationCode, we submit herewith a copy of SEC Form 17-C with a press release attachedthereto regarding the Company’s financial condition and results of operationsfor the nine (9) months ended September 30, 2006.

 

            Thisshall also serve as the disclosure letter for the purpose of complying with PSERevised Disclosure Rules.

 

 

 

Very truly yours,

 

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY
 

 

 

/s/ Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN
Corporate Secretary

 

 

Page 1 of 10

  Exhibit 2
 
 

 

 

 

 

November 7, 2006
 

 

Securities & ExchangeCommission

Money Market OperationsDepartment

SEC Building, EDSA

Mandaluyong City

 

Attention:  DirectorJustina F. Callangan
Corporations Finance Department
 

Gentlemen:

 

            Inaccordance with Section 17.1 (b) of Securities Regulation Code and SRC Rule17.1, we submit herewith five (5) copies of SEC Form 17-C with a press releaseattached thereto regarding the Company’s financial condition and results ofoperations for the nine (9) months ended September 30, 2006.

 

Very truly yours,

 

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY
 

 

 

/s/ Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN
Corporate Secretary

 

 

Page 2 of 10

   Exhibit 2
 

 

COVERSHEET

 

 
P

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5

5

 
 

S.E.C. Registration No.

 

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(Company’s Full Name)

 

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(Business Address: No. Street City/Town/Province)

 

ATTY. MA. LOURDES C. RAUSA-CHAN

 

816-8405

Contact Person

 

Company Telephone Number

 

 
 

1

 

2

 

 

3

 

1

 

 

SEC FORM 17-C

 

 

0

 

6

Every 2nd

Tuesday

 

 

 
Month

Day

FORM TYPE

Month

Day

Fiscal Year

 

Annual Meeting

 
 

 
C

F

D

 

N/A

Dept. Requiring this Doc.

 

Amended Articles

Number/Section

 

 

Total Amount of Borrowings

 
2,190,235

As of September 30, 2006

 

****

N/A

 

** **

N/A

 
 
Total No. of Stockholders

 

Domestic

 

Foreign

 

----------------------------------------------------------------------------------------------------------------------------

To be accomplished by SEC Personnel concerned
 

 

 

 

 

 

 

 

 

 

 

 

______________________________

 
 
File Number

 

LCU

 

 

 

 

 

 

 

 

 

 

 

 

 

______________________________

 
 
Document I.D.

 

Cashier

 

 

 

**STAMPS**
 

Remarks: Please useblack ink for scanning purposes.

** **

 

Page 3 of 10

   

 

Exhibit 2
 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

 

CURRENT REPORT UNDER SECTION 17

OF THE SECURITIES REGULATION CODE

AND SRC RULE 17.1

 

 

 

5.                 7 November 2006

Date of Report (Date of earliest event reported)

 

6.                 SEC Identification Number PW-55

 

7.                 BIR Tax Identification No. 000-488-793

 

8.                 PHILIPPINE LONGDISTANCE TELEPHONE COMPANY

Exact name of issuer as specified in its charter

 

5.         PHILIPPINES                                                  6.____________(SEC Use Only)  

Province, country or other jurisdiction              IndustryClassification Code

of Incorporation

 

7.         Ramon Cojuangco Building, Makati Avenue, Makati City                         1200 

Address of principal office                                                                  PostalCode

 

8.         (632)816-8405 

Issuer's telephone number, includingarea code
 

9.         NotApplicable 

Former name or former address, if changed since lastreport

 

11.             Securities registered pursuant to Sections 8 and 12 ofthe Securities Regulation Code and Sections 4 and 8 of the Revised SecuritiesAct

 

Title of Each Class

Number of Shares of Common Stock

Outstanding and Amount of Debt Outstanding

 

____________________________________________________________

____________________________________________________________

____________________________________________________________

 

 

Page 4 of 10

  Exhibit 2

**PressRelease**

** **

** **

**THIRD QUARTER NET INCOMESURGES TO RECORD P10.4 BILLION**

**NINE MONTHS’ NET INCOMEREACHES P25.7 BILLION**

** **

 
- Reported consolidated net income of P25.7 billion for the nine months of 2006, 4% higher than P24.8 billion in same period of 2005 
- Third quarter net income of P10.4 billion up 55% compared with second quarter of P6.7 billion due to forex gains and other exceptional items
- Core net income at P23.2 billion (before the effects of forex, deferred tax assets and additional depreciation), an increase of 11% from first nine months of 2005
- Core EPS up 8% to P125 per share
- Consolidated EBITDA reaches P60.7 billion, up 5%; EBITDA margin improves to 66% of service revenues
- Consolidated net debt balance down to less than P70 billion equivalent (US$1.4 billion) with net debt to EBITDA at 0.85 times
- Piltel  to be debt-free by December 2006 

*** ***

***MANILA, Philippines, 7thNovember 2006***   –– Philippine Long Distance Telephone Company (“PLDT”)(PSE: TEL) (NYSE: PHI) today announced its unaudited financial results for thefirst nine months of 2006, reporting a consolidated net income of P25.7billion compared with P24.8 billion for the same period last year. Coreearnings of P23.2 billion, before the effects of foreign exchangegains/losses, deferred tax assets and additional depreciation, improved 11%compared with core earnings of P20.9 billion for the first nine monthsof 2005.  

 

Consolidated servicerevenues rose by 3% to P92 billion. Consolidated EBITDA improved by 5%to P60.7 billion while EBITDA margins rose to 66% compared with 64% lastyear.  

 

In line with PLDT Group’sstrategy to step up the upgrade of its Fixed Line and Wireless networks,consolidated capital expenditures increased to P16.9 billion.  PLDTFixed Line is currently upgrading about 300,000 fixed lines to NGN while wirelesssubsidiary Smart Communications, Inc. (“Smart”) has expanded its cellularnetwork to support its ongoing initiatives and programs for 2G, wirelessbroadband and 3G.   The Group expects total capital expenditures for 2006 toreach P20 billion. Despite the higher capital expenditure level,consolidated free cash flow remained strong at P32.1 billion for thefirst nine months of the year.

 

The Group’s consolidatedbalance sheet further strengthened with consolidated debt balances down to lessthan US$1.8 billion.  Net debt to EBITDA and net debt to free cash flow ratioscontinued to improve, falling to 0.85 times and 1.7 times, respectively. 

Page 5 of 10

  Exhibit 2

 

On 25thOctober 2006, cellular subsidiary Pilipino Telephone Corporation (“Piltel”)submitted notices of its intent to make the final voluntary prepayment of itsprincipal debt.  The aggregate prepayment amount of US$233 million, of whichUS$161 million is owed to Smart and US$72 million is owed to third parties,represents the balance of Piltel’s total outstanding restructured debt afterthe initial payment of US$176 million was paid on 5th June 2006.The final prepayment will be effected on 4th December 2006 afterwhich Piltel’s restructured debt balance will be reduced to zero. Piltel iscurrently seeking approval from the Bangko Sentral ng Pilipinas for thepurchase of foreign exchange requirements relating to the prepayment.

 

 

**Wireless:   Moving Beyond Cellular**
 

Consolidated wirelessservice revenues rose to P58 billion for the first nine months of 2006,6% higher than the P55 billion realized in the same period last year.Consolidated wireless EBITDA grew by 6% to P38.9 billion for the firstnine months of 2006 versus P36.8 billion for the first nine months of2005.  EBITDA margins remained at 67%.  

 

The PLDT Group’s totalcellular subscriber base for the first nine months of 2006 grew by over 2.5million subscribers to 22.9 million.  Smart recorded net additions ofapproximately 1.1 million subscribers while *Talk ‘N Text* added about 1.4million subscribers to end the first nine months of 2006 with 16.5 million and6.4 million subscribers, respectively.    

 

Consistent with Smart’sobjective to develop new businesses beyond cellular, Smart increased itswireless broadband subscribers to 93,000 as of the end of September 2006 underits *Smart Bro* wireless broadband service. *SmartBro* grew itssubscriber base by 35,000 in the third quarter alone. Smart now has over 2,270wireless broadband-enabled base stations providing high-speed internet accessin 386 cities and municipalities all over the country at very affordablerates.  The increased network coverage of *SmartBro* provides the Groupwith a complementary broadband service in areas that are currently not coveredby PLDT’s fixed line DSL network.

 

The third quarter of 2006saw a series of marketing launches designed to enhance both consumer productbenefits as well as brand equities. In a move to reinforce *Smart Buddy*’sleadership, Smart  launched the “Ang Saya” thematic campaign featuring five ofthe hottest young endorsers in the Philippines today.  The campaign positions *SmartBuddy* as an innovative lifestyle brand which adds excitement, fun and helpsyou get more “life out of life”. 

 

*Talk ‘N Text*, on the other hand, followed withits “Gumagaan ang Life” thematic campaign in September.  This highlights *Talk‘N Text*’s superior value proposition aimed at lower-income segments of themarket.  The material is timely and relevant as it shows how *Talk ‘N Text*makes communication possible even with a low income because it is truly“value-for-money”. 

Page 6 of 10

  Exhibit 2

 

Also in September, *SmartBuddy* and *Talk ‘N Text* launched the *All Text 20* load, anelectronic load denomination which offers 100 on-net SMS for P20. *All Tex t20*is valid for a day and is conveniently available in over 800,000retailers.  *All Text 20* replaces *Unli* (the P20 load w/unlimited SMS which was launched in the second quarter of 2006) and providesbetter network efficiency while increasing yield per SMS. 

 

“The innovative programslaunched in the third quarter and the encouraging growth of *SmartBro*have helped sustain the Company’s performance level, despite the historicaltendency of a “slowdown” in that period and puts us a step ahead in movingbeyond cellular,” said **Napoleon L.****Nazareno, President and CEO ofPLDT and Smart**. 

 

 

PLDTFixed Line:  Stepping up Broadband

 

Fixed Line servicerevenues decreased 2% to P35.9 billion in the first nine months of 2006from P36.7 billion last year as the increase in data revenues, from bothcorporate data services and residential DSL, was offset by declines in revenuesof local exchange and ILD services partly because of the 6% appreciation of thepeso year-on-year.  Fixed line revenues would have improved 2% year-on-year ifforeign exchange rates had remained stable.

 

Retail DSL continued togrow as broadband subscribers reached 126,000 while our *Vibe* dial-upInternet service had 422,000 subscribers as of end-September 2006.  *PLDT DSL*and *Vibe* contributed P2.6 billion in revenues for the first ninemonths of 2006, up 38% from last year. 

EBITDA for the first ninemonths of 2006 rose by 4% to P21.2 billion and EBITDA margins improvedto 59% compared with 56% for the same period last year.  The increase in EBITDAtakes into account the significant decline in the provision for doubtfulaccounts brought about by improved collections. 

Additional depreciationexpenses of P6.1 billion were taken up in the first nine months of 2006due to a change in the estimated useful lives of certain fixed assets as themigration to Next Generation Network (NGN) progresses. Without these additionalcharges, total operating expenses would have decreased by 4%.

"Wecontinue to reposition the fixed line business by growing our data revenueswhich increased by 32% year-on-year and now represent over 25% of our fixedline revenues.  The NGN rollout is now being concentrated in priority areaswhere corporate data and residential demand have been identified.  Togetherwith *SmartBro*, we effectively have a dual-pronged approach in our goalof “broadbanding” the country," declared **Nazareno**.****

Page 7 of 10

  Exhibit 2

 

ePLDT:Sharpening its Focus

 

ePLDT, the Group’sinformation and communications technology arm, reported service revenues of P3.8billion for the first nine months of 2006, an 80% increase from P2.1billion realized in the same period last year, as a result of the continuedgrowth in the call center business (ePLDT Ventus) and the consolidation of SPiTechnologies, Inc. (“SPi”) in July 2006. 

 

Consolidated call center revenues continued toimprove significantly, growing 41% to P1.9 billion as a result ofincreases in capacity utilization and billable hours for new and existingclients, despite the appreciation of the peso. Call center revenues make up 50%of ePLDT’s total revenues. *ePLDT Ventus*  now operates seven sites withcombined call center seats of more than 5,000 and an employee base of about5,000. 

 

 

SPi, on the other hand,generated revenues of P3.1 billion in the first nine months of 2006, ofwhich P930 million were consolidated into ePLDT from July 2006 onwardsafter ePLDT completed its acquisition. SPi is the 2nd largestpure-play business process outsourcing (“BPO”) company and the 9th largestindependent BPO service provider worldwide.  It has operations in 19 locationsin North America, Europe and Asia.  Its core capabilities include contenteditorial and production, litigation support coding and electronic discovery,medical transcription, and database structuring and management.  SPi currentlyhas over 3,500 seats in support of its various business lines.

 

In August 2006, SPiacquired 100% of CyMed, Inc. (“CyMed”) for US$35 million.  CyMed providesmedical transcription services for more than 400 healthcare systems across 49states in the United States.  The acquisition has catapulted SPi into becomingthe third largest company in the outsourced medical transcription industry.

 

SPi and *ePLDT Ventus*now constitute the Philippines’ foremost BPO services provider with over 10,000employees and more than 8,500 seats in its combined BPO/call center operations.Their combined revenues of approximately P5 billion account for 5% ofthe PLDT Group’s consolidated service revenues.  

 

“The addition of CyMedstrengthens SPi’s market position and should accelerate SPi Healthcare’s pathto profitability by better leveraging its fixed costs across more customers”,said **Ray C. Espinosa, ePLDT President and CEO**.

** **

**Conclusion**

 

On 23rdOctober 2006, the PLDT Group submitted its response to the second consultativepaper of the National Telecommunications Commission (“NTC”) on whether“Significant Market Power” (“SMP”) obligations should be imposed on thePhilippine telecommunications industry.  In formulating its response, the PLDTGroup took into account industry interests as well as the broader context ofour nation’s economic  development,  drawing  on  the  experience in  othercountries.  The PLDT 

 

 

Page 8 of 10

   

 

Exhibit 2

 

Group believes that thebasis for the need for regulatory reform is unclear and the envisioned SMPregime is inappropriate for the Philippines as the market is highly competitiveand well-functioning.  In addition, the imposition of SMP and its attendantobligations would discourage capital investments in a sector that thePhilippine economy is highly dependent on. The PLDT Group has  thereforeproposed that the NTC explore its full range of options available on acost-benefit basis, taking into consideration the specific local context of thePhilippine marketplace. 

“The PLDT Group is in aunique position in the industry – we have the scale and ability to continueinvesting significantly in infrastructure and services which can impactpositively on our country’s development.  We have been always mindful howeverthat this strength begets much responsibility.  We have therefore seen to itthat our subscribers derive commensurate benefits in terms of value andinnovation,” concluded**Chairman Manuel V. Pangilinan**.

 

###

 

 

Page 9 of 10

  Exhibit 2

 

*This press release maycontain some statements which constitute “forward-looking statements” that aresubject to a number of risks and uncertainties that could affect PLDT’sbusiness and results of operations.  Although PLDT believes that expectationsreflected in any forward-looking statements are reasonable, it can give noguarantee of future performance, action or events.*

** **

** **

** **

** **

**For further information,please contact:**

 

Anabelle L.Chua                     Anna V. Bengzon                    Ramon R. Isberto
Tel No: 816-8213                    TelNo: 816-8024                    Tel No: 511-3101

Fax No: 844-9099                   FaxNo: 810-7138                   Fax No: 893-5174

 

 

 

 

**AboutPLDT**

PLDT isthe leading telecommunications provider in the Philippines. Through its threeprincipal business groups – fixed line, wireless and information communicationstechnology – PLDT offers a wide range of telecommunications services across the Philippines’ most extensive fiber optic backbone and fixed line, cellular andsatellite network.

PLDT islisted on the Philippine Stock Exchange (PSE:TEL) and its American depositaryshares are listed on the New York Stock Exchange (NYSE:PHI).  PLDT has thelargest market capitalizations among Philippine listed companies.

Furtherinformation can be obtained by visiting the web at www.pldt.com.ph.

Page 10 of 10

  
Page 10 of 10

  
Page 10 of 10

    

Signatures

 

 

Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

 

 

 

PHILIPPINE LONG DISTANCE

TELEPHONE COMPANY

 

 

 

By        :     /s/ Ma. Lourdes C. Rausa-Chan

Name  :     Ma. Lourdes C. Rausa-Chan

Title     :     Senior Vice President, Corporate

                  Affairs and Legal Services Head 

                  and Corporate Secretary

 

 

 

 

 

 

 

Date:November 7, 2006