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 May 2007**
 

 

**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, 2007.  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

 

 

 

2

 

 

Copies of the disclosure letters we sent today to the Philippine Stock Exchange and the Securities and Exchange Commission regarding the following:   

 

Press release regarding the Company’s unaudited financial condition and results of operations for the three (3) months ended March 31, 2008;

 

Promotions to officer rank and confirmation of appointment of an officer of the Company;

 

Cash dividend declaration on the Company’s Series IV Cumulative Non-Convertible Redeemable Preferred Stock; Series V Convertible Preferred Stock and Series VI Convertible Preferred Stock which were originally issued on June 4, 2001 and will be mandatorily converted into Common Stock of the Company on June 5, 2008; and

 

Appointment by the Audit Committee of Sycip Gorres Velayo & Company as the Company’s external auditors for 2008; 

 

 

 

 

 

 

 

 

10

 

 

 

6

 
****
 

Exhibit1
 

 

 
May6, 2008
 

 

Philippine Stock Exchange

4/F Philippine Stock Exchange Center

Exchange Road, Ortigas Center

Pasig City

 

Attention:  Atty. Pete M. Malabanan

Head – Disclosure Department 
 

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 unaudited financial condition and results ofoperations for the three (3) months ended March 31, 2008.

 

            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 1

 

 

 

May6, 2008
 

 

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 unaudited financial condition andresults of operations for the three (3) months ended March 31, 2008.

 

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

  

Exhibit1

 

COVER SHEET

 

 
P

W

-

5

5

 
 

S.E.C. Registration No.

 

P

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L

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D

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T

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C

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P

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Y

 

 

 

 

 

 

(Company’s Full Name)

 

R

A

M

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N

 

 C

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A

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B

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

 

MS. JUNE CHERYL C. FURIGAY

 

816-8534

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

 
2,184,839

As of March 31, 2008

 

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 use black ink for scanning purposes.

 

 

Page 3 of 10

   

 

 

Exhibit 1

 

SECURITIES AND EXCHANGE COMMISSION

 

 

CURRENT REPORT UNDER SECTION 17

OF THE SECURITIES REGULATION CODE

AND SRC RULE 17.1

 

 

1.                 6 May 2008

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 principal office                                                                  PostalCode

 

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 4 of 10

  Exhibit 1

**PLDT********Pressrelease**

 

**1Q08 CONSOLIDATED NETINCOME UP 21% TO P10.4 BILLION**

**CORE NET INCOME RISES 11%TO P9.3 BILLION**

**CELLULAR SUBSCRIBER BASEEXCEEDS 32 MILLION**

 

 

•        Consolidatednet income of P10.4 billion for the first quarter of 2008, 21% higherthan the P8.6 billion net income in the first quarter of 2007 

•        Corenet income at P9.3 billion, an increase of 11% from the P8.4billion recorded in the

•        sameperiod last year 

•        Consolidatedservice revenues up 6% year-on year to P34.9 billion. Wireless servicerevenues increase 8% to P22.5 billion; Fixed service revenues up 4% to P12.4billion; and ePLDT service revenues grow 6% to P2.6 billion

•        ConsolidatedEBITDA rises to P21.8 billion; consolidated EBITDA margin improves to63% of service revenues

•        Cellularsubscriber base surpasses 32 million as at end-April 2008

•        Totalbroadband subscribers now exceed 661,000 with total revenue contribution frombroadband and internet services of P2.5 billion, 51% higher than lastyear’s

•        Consolidatednet debt down to US$406 million (US$967 million once adjusted for finaldividend payment); gross debt has declined to US$1.6 billion

** **

**MANILA, Philippines, 6thMay 2008**–– Philippine Long Distance Telephone Company (“PLDT”) (PSE: TEL) (NYSE: PHI)today announced unaudited financial results for the first quarter of 2008 withconsolidated net profit of P10.4 billion, an increase of 21% from the P8.6billion net profit reported last year. This year’s results benefited fromsignificant mark-to-market foreign exchange and derivative gains plus aone-time  gain of approximately P0.7 billion arising from thedesignation as non-hedges of certain derivatives related to the Company’s 2009,2012 and 2017 bonds which had previously been designated as hedges. Core net income, net of these exceptional items, roseto P9.3 billion in the first three months of 2008, 11% over the core netincome of P8.4 billion in the same period in 2007.  Consolidated servicerevenues increased by 6% to P34.9 billion, notwithstanding the 16%appreciation of the peso which negatively impacted the dollar-linked revenuesof the Group, which could account for as much as 36% of consolidated revenues.Consolidated EBITDA improved by 7% to P21.8 billion while EBITDA marginimproved slightly to 63%.

 

 The Group’s consolidatedbalance sheet continued to strengthen, with consolidated debt balances down toUS$1.6 billion.  Net debt as at 31st March 2008 stood atapproximately US$406 million (equivalent to US$ 967 million if the P23.4billion representing the common dividend payment due in April 2008 werededucted from outstanding cash balances).  Effecting the same adjustment, netdebt to EBITDA and net debt to equity ratios stood at 0.48 times and 0.41times, respectively. 

 

Consolidated free cashflow stood at P17.3 billion in the first quarter of 2008. Consolidatedcapital expenditures were at P3.1 billion, with spending expected toaccelerate as the Company continues to build out capacity and coverage of itswireless and broadband networks aggressively. Capital expenditures for theGroup in 2008 are expected to approximate the P25 billion spent in 2007.

Page 5 of 10

   

Exhibit 1
**Wireless:   Sustaining Momentum**
** **

Consolidated wirelessservice revenues rose to P22.5 billion for the first three months of2008, 8% higher than the P20.8 billion realized in the same period lastyear. Cellular subsidiaries, Smart Communications, Inc (“Smart”) and PilipinoTelephone Corporation (”Piltel”) have consistently maintained their solidperformances. 

 

Consolidated wirelessEBITDA improved by 8% to P14.5 billion this year from P13.5billion last year.  EBITDA margin dipped marginally to 64% due to certainone-off cash expenses in the satellite business.  

 

The PLDT Group’s totalcellular subscriber base for the first quarter of 2008 continued to growstrongly as Smart recorded net additions of approximately 280,000 subscribersand Talk ‘N Text added about 1.25 million subscribers to end the period with20.6 million and 11 million subscribers, respectively, or a total of 31.6million subscribers.   And as at end-April 2008, the PLDT Group’s cellularsubscriber base had surpassed the 32 million mark. 

 

“Despite the increasinglydifficult economic environment, Smart sustained its strong subscriber numbersas we persevered with our efforts at finding creative solutions and meet ourmarkets’ needs," stated **Napoleon L.****Nazareno****,President and CEO of PLDT and Smart**. 

 

Smart Bro, Smart’swireless broadband service – through its wholly-owned subsidiary SmartBroadband, Inc -  showed no signs of slowing down as its wireless broadbandsubscriber base grew 14% for the quarter to reach 348,000 at end-March 2008,adding 46,000 new subscribers for the quarter. Wireless broadband revenues grew122% to about P919 million in the first quarter of 2008, an improvementover the P414 million for the same period in 2007. On the heels of itspostpaid Plug*-*It service which was introduced in November 2007, SmartBrohas just launched a prepaid version, making the Internet available to a broadersegment of the population with affordable sachet pricing, nationwide coverageand easy loading. Plug*-*It offers instant, internet access through aportable wireless modem and is available in all areas where Smart’s networkcoverage is present.

 

“The Internet is the newcellular and just as we have put the mobile phone in most people’s hands, sowill we make the Internet accessible to all”, **added Orlando B. Vea,Chief Wireless Adviser****of Smart****.**

 

On 25th March2008, Smart acquired the entire issued and outstanding capital stock of PHCommunications Holdings Corporation and Francom Holdings, Inc., whichcollectively own 100% of Connectivity Unlimited Resource Enterprise, Inc.(“CURE”), for the total amount of P419.54 million. Smart also stated itsintention to invest up to P210 million in CURE, in the form ofsubscriptions for new shares of CURE. CURE is one of the four licensees awardedby the National Telecommunications Commission with a 3G frequency in December2005. It was awarded an allocation of 10 Mhz in the 2100 Mhz band and expectsto launch its commercial service in May this year. The acquisition dovetailswith Smart’s previously announced plan to provide expanded and enhanced 3Gservices nationwide, including higher speed wireless broadband services.  CUREis envisaged to provide Smart with a platform to offer and providedifferentiated 3G services for targeted markets. 

Page 6 of 10

   

Exhibit 1

 

PLDTFixed Line:  Registering Growth

 

Fixed Line servicerevenues increased 4% to P12.4 billion in the first three months of 2008from P11.9 billion last year as improvements in data revenues, both fromcorporate data and residential DSL services, were augmented by higher revenuesin local exchange and national long distance.  ILD revenues continued todecline as our dollar-linked revenues were adversely impacted by the 16%appreciation of the average US dollar/peso exchange rate in 2008.  Fixed linerevenues would have improved another 4% year-on-year if foreign exchange rateshad remained stable. 

 

Retail DSL continued togrow as broadband subscribers grew by over 35,000 to 300,000 at the end of thefirst quarter 2008 from 264,000 at the end of 2007.  PLDT DSL generated P1.3billion in revenues for the first three months of 2008, up 33% from P1.0billion in the same period in 2007, accounting for 51% of the PLDT Group’sbroadband and internet revenues for the period.  

Fixed Line EBITDA in thefirst quarter of 2008 improved 5% to P6.9 billion, in line with theincreased revenues and lower operating costs. EBITDA margin was stable at 56%. 

 

Representative of theconvergent offerings which the Group will offer more of moving forward, PLDTLandline Plus (“PLP”) is a fixed-wireless telephone service that uses acombined fixed/ wireless platform in the delivery of fixed line voice and dataservices.  Our plan is to launch PLP in areas with limited or non-existent PLDTfixed facilities.  A postpaid version has been in the market since March 2007and a prepaid offering was introduced in March this year.  Demand for theservice has been strong given the service’s value proposition.  Subscribers tothis service, net of churn, have reached 153,000 to-date.

"In thearea of customer service, I am pleased that our recent organizational changeshave resulted in some early tangible wins.  We have set out to match ourfinancial success with equally exceptional service and these initial successesbolster my conviction that we can make the necessary changes to transform ourbusiness and the culture of the Company, yet again," declared **Nazareno**.****

 

ePLDT:Managing Challenges

 

ePLDT, the Group’sinformation and communications technology arm, reported service revenues of P2.6billion for the first quarter of 2008, a 6% increase from the P2.4billion recorded in the same period last year. Despite their significantgrowth, ePLDT’s revenues were likewise adversely impacted by the strongappreciation of the peso since approximately 80% of its service revenues aredenominated in U.S. Dollars.  As a result of this impact and combined withhigher operating expenses, ePLDT’s EBITDA margin for the first quarter of 2008declined to 14% compared with 17% for the same period in 2007, although higherthan the 11% margin for the full year 2007.  ePLDT’s revenues now account for7% of PLDT’s consolidated service revenues. 

 

Page 7 of 10

    

Exhibit 1

 

Of total ePLDT revenues,85% are accounted for by Customer Interaction Services (more commonly known as“call center”)  through Ventus, and Knowledge Process Solutions through SPi.As at 31st March 2008, combined employees for SPi and Ventus totalednearly 14,000, with over 6,400 for Ventus and around 7,600 for SPi.

 

Consolidated customerinteraction services revenues continued to make significant gains, growing 11%to P867 million as a result of increased capacity utilization and higherbillable hours, despite the appreciation of the peso. ePLDT Ventus, theumbrella brand for ePLDT’s customer interactive business, now operates sevencustomer interaction service facilities with combined seats of 6,500. 

 

SPi Technologies (SPi),ePLDT’s knowledge processing arm, generated revenues of P1.3 billion inthe first quarter of 2008.  In addition to the Philippines and the USA, SPi has operations in India and Vietnam.  

 

“The outlook for SPi’smain verticals varies, with publishing and medical billing looking to continuetheir strong performance, legal discovery breaking even and focusing onstepping up sales efforts to maximize fixed overhead, and medical transcriptioncontinuing to work on improving productivity and margins. We are proceedingwith the integration of SPi and Ventus which we anticipate will result inimproved margins. Our other businesses, though smaller in scale and in revenuecontribution, are holding their own and will provide opportunities for growthin the future,” said **Ray C. Espinosa, ePLDT President and CEO.**

 

 

PLDTat 80 – Changing Lives

 

“We seem to have deflected, for the meantime, the economic downturnthat is affecting much of the world. Our sustained growth in the first quarterindicates that the teeth of inflation and rising prices have yet to bite deeplyinto our business.  Nonetheless, we realize that a global slowdown willundoubtedly take its toll on all businesses eventually, and that thepeso/dollar exchange rate will continue to impact our financials.  However, wehave put in place measures that are intended precisely to mitigate theseadverse developments and we are now on a watching brief for the remaining ninemonths of the year - cautious and vigilant yet confident still that the year2008 will be a better one,” concluded **Manuel V.****Pangilinan, Chairmanof PLDT**. “

###

 

 

Page 8 of 10

  Exhibit 1

 

 

 

*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.*

Page 9 of 10

  ** **

Exhibit 1

** **

**For further information,please contact:**

 

Anabelle L.Chua                     Melissa V. Vergel de Dios       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 one ofthe largest market capitalizations among Philippine listed companies.

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

 

 

Page 10 of 10

   

Exhibit 2

 

 

 

May6, 2008
 

 

Philippine Stock Exchange

4/F PSE Center

Exchange Road, Ortigas Center

Pasig City

 

Attention:  Atty. PeteM. Malabanan 
Head – Disclosure Department
 

Gentlemen:

 

Incompliance with Section 17.1 (b) of the Securities Regulation Code and SRC Rule17.1, we submit herewith a copy of SEC Form 17-C with respect to certaindiscloseable events/information.            

 

This shall serve as thedisclosure letter for the purpose of complying with PSE Revised DisclosureRules.

 

 

 

Very truly yours,

 

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

 

 

/s/ Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

 

 

 

 

Page 1 of 6

    
Exhibit 2

 

 

 
May 6, 2008
 

 

Securities and ExchangeCommission

SEC Building

EDSA, Mandaluyong City

 

Attention:  Atty.Justina F. Callangan
Director, Corporation Finance Dept.

 

Gentlemen:

 

Inaccordance with Section 17.1 (b) of the Securities Regulation Code and SRC Rule17.1, we submit herewith five (5) copies of SEC Form 17-C with respect tocertain discloseable events/information.           

 

            Thank you.

 

 

 

Very truly yours,

 

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

 

 

/s/ Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

 

 

Page 2 of 6

   

Exhibit2

 

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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M

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C

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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

2,184,839

As of March 31, 2008

 

 

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 3 of 6

    

Exhibit 2

 

SECURITIES AND EXCHANGE COMMISSION

 

 

CURRENT REPORT UNDER SECTION 17

OF THE SECURITIES REGULATION CODE

AND SRC RULE 17.1

 

 

1.         May6, 2008

Date of Report (Date of earliest event reported)

 

2.         SECIdentification Number PW-55

 

3.         BIRTax Identification No. 000-488-793

 

4.         PHILIPPINELONG DISTANCE 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 6

  Exhibit 2

 

            We disclosethat at the meeting of the Board of Directors of Philippine Long DistanceTelephone Company (the “Company”) held on May 6, 2008, the following matterswere approved or authorized:

 

1.     Promotionof the following persons to the positions indicated opposite their respectivenames, effective May 6, 2008:

 

Name

Position

 

1.  June Cheryl Cabal-Furigay

 

From Vice President, Financial Reporting and Controllership to First Vice President,  Financial Reporting and Controllership

 

2.   Katrina Luna-Abelarde

 

From Assistant Vice President, Small and Medium Enterprise to Vice President, Small and Medium Enterprise

 

            2.     Confirmationof appointment of Danny Y. Yu as a First Vice President, seconded to PLDTGlobal Corporation as Chief Financial Officer.

 

            3.     Declarationof the following cash dividends out of the unrestricted retained earnings ofthe Company as of December 31, 2007:

 

a.     A total of P12,420,000.00 on all of the outstandingshares of the Company’s Series IV Cumulative Non-Convertible RedeemablePreferred Stock, for the quarter ending June 15, 2008, payable on June 15, 2008to the holder of record on May 23, 2008.

 

b.     P0.051944 per day per outstanding share of theCompany’s Series V Convertible Preferred Stock which were originally issued onJune 4, 2001 and will be mandatorily converted into Common Stock of the Companyon June 5, 2008 (the “Converted CPS V”), for the period April 16, 2008 to June4, 2008, payable on June 23, 2008 to the holders of record of said ConvertedCPS V at the close of business on June 4, 2008.

 

c.     US$0.001103 per day per outstanding share of theCompany’s Series VI Convertible Preferred Stock of the Company which wereoriginally issued on June 4, 2001 and will be mandatorily converted into CommonStock of the Company on June 5, 2008 (the “Converted CPS VI”), for the periodApril 16, 2008 to June 4, 2008, payable on June 23, 2008 to the holders ofrecord of said Converted CPS VI at the close of business on June 4, 2008.

Page 5 of 6

   

Exhibit 2

 

We
** **

   also disclose that ata meeting held on May 5, 2006, the Audit Committee of the Board of Directors ofthe Company appointed Sycip Gorres Velayo & Co. as the Company’s externalauditors to audit the financial statements of the Company for the year 2008.

 

Pursuantto the requirements of the Securities Regulation Code, the Company has dulycaused this Report to be signed on its behalf by the undersigned hereunto dulyauthorized.

 

 

 

PHILIPPINE LONG DISTANCE

    TELEPHONE COMPANY

 

 By:

/s/ Ma. Lourdes C. Rausa-Chan

**MA. LOURDES C. RAUSA-CHAN**

Corporate Secretary

 

 

 

May 6, 2008

 

Page 6 of 6

   

 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:May 6, 2008