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 2010**
 

 

**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, 2009.  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

 

Copy of the disclosure letter that we filed today with the Securities and Exchange Commission and the Philippine Stock Exchange regarding the following matters:

 

Press release regarding the Company’s unaudited consolidated financial results for the three (3) months ended March 31, 2010;

 

Appointment by the Audit Committee of Sycip Gorres Velayo & Company as the Company’s external auditors for 2010; and

 

Cash dividend declaration on the Company’s Series IV Cumulative Non-Convertible Redeemable Preferred Stock.

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 
Exhibit1

 
 

 

May13, 2010
 

 

Philippine Stock Exchange

4/F Philippine StockExchange Center

Exchange Road, OrtigasCenter

Pasig City

 

Attention:  Ms. Janet A. Encarnacion

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 consolidated financial results forthe three (3) months ended March 31, 2010.

 

            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

    
Exhibit1

 

 

 

May13, 2010 
 

 

Securities & ExchangeCommission

SEC Building, EDSA

Mandaluyong City

 

Attention:  DirectorJustina F. Callangan
Corporation Finance Department
 

Gentlemen:

 

            Inaccordance with Section 17.1 (b) of Securities Regulation Code and SRC Rule17.1, we submit herewith two (2) copies of SEC Form 17-C with a press releaseattached thereto regarding the Company’s unaudited consolidated financialresults for the three (3) months ended March 31, 2010.

 

 

 

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 1 

COVER SHEET

 

 
P

W

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5

5

 
 

S.E.C. Registration No.

 

P

H

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D

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E

 

T

E

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P

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O

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C

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P

A

N

Y

 

 

 

 

 

 

(Company’s Full Name)

 

R

A

M

O

N

 

 C

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U

A

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B

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C

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Y

(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

 
2,183,082

As of April 12, 2010

 

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 scanningpurposes.

 

 

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.                 13 May 2010

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.         RamonCojuangco 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****press release**

 

**FIRST QUARTER 2010 CONSOLIDATED NET INCOMEUP 19% TO P11.4 BILLION**

**CORE NET INCOME UP 3% TO P10.5BILLION**

**EBITDA AT P21.2 BILLION; FREE CASHFLOW 22% HIGHER AT P12.8 BILLION**

**CELLULAR SUBSCRIBER BASE REACHES 43.2MILLION, UP 17%**

**TOTAL BROADBAND SUBSCRIBERS AT 1.85MILLION, UP 69%**

** **

•        **Consolidated netincome of P11.4 billion for 1Q2010, 19% higher than the P9.6billion net income in 1Q2009**

•        **Consolidated corenet income for 1Q2010 at P10.5 billion, an increase of 3% from the P10.2billion recorded in 1Q2009**

•        **Consolidatedservice revenues declined 1% year-on-year to P36.0 billion. Wirelessservice revenues down 1% to P23.7 billion; fixed line service revenuesup 1% to P12.9 billion; and ePLDT service revenues improve 1% to P2.6billion**

•        **Consolidated EBITDAlower at P21.2 billion; consolidated EBITDA margin at 59% of servicerevenues**

•        **Consolidated freecash flow was 22% higher at P12.8 billion for 1Q2010**

•        **Cellular subscriberbase reaches 43.2 million; net subscriber additions of 1.9 million for thequarter,  10% higher year-on-year**

•        **Total broadbandsubscribers at 1.85 million, with wireless alone over 1.2 million;  aggregaterevenue contribution from broadband and internet services of P3.9billion for 1Q2010, 22% higher than last year**

 

 

**MANILA, Philippines, 13th May2010** –– Philippine LongDistance Telephone Company (“PLDT”) (PSE: TEL) (NYSE: PHI) today announced itsunaudited financial and operating results for the first three months of 2010with consolidated Reported Net Income increasing by 19% to P11.4billion, from the P9.6 billion recorded in the same period last year.Core Net Income for the first quarter of 2010, net of exceptional items, rose3% to P10.5 billion, from P10.2 billion in the same period in 2009.This year’s results reflect higher recurring net income and a net gain fromforeign exchange revaluation of our financial assets and liabilities andderivatives compared to a net loss last year. 

 

Consolidated service revenues decreased by1% to P36.0 billion, as the 3% growth in voice revenues was offset bythe 4% decline in data and ICT revenues.  Approximately 28% of consolidatedservice revenues are directly or indirectly linked to the US Dollar.  Had thepeso remained stable, service revenues for the first quarter of 2010 would haveincreased by 1% compared with last year.

 

Consolidated EBITDA was lower at P21.2billion while EBITDA margin was at 59%, similar to the full year 2009 margin.Reflecting results of initiatives on cost control, cash operating expenses inthe first quarter of the year increased by only 1% versus last year. 

 

Consolidated free cash flow remainedstrong at P12.8 billion for the quarter, reflecting a 22% increasecompared to the same period last year. Consolidated capital expenditures stoodat P5.2 billion for the first three months of 2010, as the Groupcontinues to improve both broadband and cellular coverage and capacity.  Capexfor 2010 is estimated at P28.6 billion.

 

Page 5 of 10

  The Group’s consolidated debtbalance as at the end of the first quarter 2010 was US Dollar 2.2 billion withnet debt at approximately US Dollar 1.6 billion adjusted for P26.3billion cash utilized for the common dividends paid in April 2010.  Net debt toEBITDA on that basis increased to 0.9x. 

Exhibit 1

 

The Company’s debt maturities continue tobe well spread out, with more than 50% due in and after 2013. The percentage ofUS Dollar-denominated debt to the Group’s total debt portfolio further declinedto 46%, down from 48% at the end of 2009. Taking into account our pesoborrowings, our hedges and our U. S. Dollar cash holdings, only 22% of totaldebt remains unhedged.   The Group’s cash and short-term securities areinvested primarily in bank placements and Government securities.

 

**Wireless:   Surging ahead in Broadband**
 

Wireless service revenues dipped 1% to P23.7billion for the first quarter of 2010, compared with the P23.9 billionrecognized last year. Excluding the impact of our satellite operations whererevenues declined due to the disposal of our satellite transponders, wirelessservice revenues would have been flat year-on-year at P23.3 billion.Cellular subsidiary Smart Communications, Inc. (“Smart”) continues to lead theindustry in terms of both revenues and subscribers. 

 

Wireless EBITDA was lower at P14.4billion in the first three months of 2010 and  EBITDA margin accordinglydecreased to 61%.  

 

The PLDT Group’s total cellular subscriberbase for the first three months of 2010 grew to 43.2 million subscribers, a 17%growth year-on-year. Smart added 1.9 million subscribers for the period, ascompared with 1.7 million in 2009. Smart Buddy recorded net additions of almost1.3 million subscribers to end the quarter with 25.5 million subscribers while Talk‘N Text added approximately 400,000 subscribers to end the quarter with 17.4million subscribers. Red Mobile, the brand owned by Smart subsidiary, CURE, hadabout 280,000 subscribers at the end of March 2010. Red Mobile was relaunchedin March 2010 and positioned to meet market demand for unlimited services,particularly for “second SIM” holders. In order to support the trafficrequirements for unlimited voice and text without degrading the service qualityof other subscribers, Smart built a secondary network that caters exclusivelyto Red Mobile subscribers.

 

Cellular voice revenues improved by 13% toP10.7 billion and now contribute 49% of total cellular service revenuesfrom 43% for the same period last year. On the other hand, cellular data/textrevenues fell 14% to P10.4 billion, despite a 24% increase in textvolumes, as they remain under pressure from the proliferation of lower yieldofferings, multiple-SIM ownership and regulator-mandated load validityextensions.  For the first time since the first quarter of 2005, cellular voicerevenues were higher than cellular data/text revenues.

 

On the broadband front, SmartBro, Smart’swireless broadband service offered through its wholly-owned subsidiary SmartBroadband, Inc. (“SBI”) -  continued to expand as its wireless broadbandsubscriber base grew to 1.2 million at the end of the first quarter of 2010,close to 770,000 of whom were on SmartBro’s prepaid service. Wireless broadbandrevenues continued to grow strongly, up 23% to P1.6 billion, comparedwith the P1.3 billion recorded in the first quarter of 2009. Wirelessbroadband revenues now make up 7% of wireless service revenues.

 

“With the cellular market maturing, we aremore determined than ever to continue developing broadband as our growth sector– accordingly, the bulk of our investments will be made in this space, be itinfrastructure, platforms, access devices or content,” stated Orlando B. Vea, ChiefWireless Adviser of Smart.

 

“Despite a maturing market, we were ableto grow our subscriber base by 17% year-on-year.  Text volumes continue toclimb while voice minutes are increasing significantly.  However, decliningyields and alternative means of communication have combined to put pressure onrevenues and margins.  We recognize the challenges that we face in the cellularindustry, and we 

Page 6 of 10

  Exhibit 1

 

also know that we can meet thesechallenges head on, by coming up with innovative solutions and aggressivelymanaging our costs," added Napoleon L. Nazareno,President and CEO of PLDT and Smart. 

 

Smart continues to invest in its cellularand multi-platform broadband networks while upgrading its existingtransmission, core and access facilities. Smart’s 3G and HSPA networks nowcover 50% and 44% of the country’s population, respectively. 

 

**PLDT FixedLine:  Rising from new foundations**

 

Fixed line service revenues increased by1% to P12.9 billion in the first quarter of 2010 from P12.8billion in 2009  as the 13% increase in data revenues, both from corporate dataand residential DSL services, was somewhat attenuated by declines in othersegments of the business. Despite an increase in the number of postpaid billedlines, revenues from our local exchange or LEC services were flat as a resultof LEC voice revenues being re-allocated to bundled voice and data services.National long distance revenues decreased with the decline in call volumes,while international long distance revenues continued to weaken due to theshifting of traffic to cellular and other means of communications, as well asdue to the impact of the peso appreciation vis-à-vis the US Dollar.    Dataservice revenues contributed 45% of the fixed line’s service revenues ascompared with 40% in the same period last year. 

 

The Fixed line business continues topursue initiatives aimed at tapping new markets and generating new and higher ARPUs.These were enabled by leveraging both the fixed and wireless networks andcreating new products for different market segments.

 

PLDT DSL continued its strong performanceas broadband subscribers grew by 30,000 to 590,000 at the end of March 2010 from560,000 at the end of 2009.  PLDT DSL generated P2.0 billion in revenuesin 2010, up 24% from P1.6 billion in the same period in 2009.  

 

Fixed line EBITDA margin was lower at 49%for the first quarter of 2010, in line with the full year 2009 margin, butlower as compared with 52% in the same period last year.  The decline was theresult of higher cash operating expenses, mainly relating to maintenance,professional and other contracted services, and rent.

 

"We are pleased by thesustained resilience of the Fixed line business as it builds on the continuedstrength of corporate data and broadband revenues," declared Nazareno.

ePLDT:  Rebuilding the Base

 

ePLDT, the Group’s information andcommunications technology arm, reported service revenues of P2.6 billionin the first quarter of 2010, an increase of 1% from the same period in 2009.ePLDT’s EBITDA increased by 82% to P369 million in 2010 as compared withP203 million in 2009, mainly due to a 1% increase in service revenuesand a 7% decrease in  cash operating expenses, largely due to a reduction inheadcount by almost 1,000. EBITDA margin at 14% was higher than the 8% recordedin the same period in 2009 and the 12% margin for 2009.  ePLDT’s revenuesaccount for 7% of PLDT’s consolidated revenues. 

 

ePLDT recently reorganized its businessesto create better focus and maximize scale. ePLDT Ventus, which handles customerinteraction services (more commonly known as “call center”) and SPiTechnologies, Inc., the knowledge processing arm (also known as businessprocess outsourcing or “BPO”) have combined their operations and will be knownas SPi Global Solutions, Inc. while Vitro Data Center and internet and on-linegaming operations will remain housed under ePLDT.

Page 7 of 10

   

Exhibit 1

 

“I am pleased to announce the appointmentof Maulik Parekh and Beth Liu as President and CEO of SPi Global Solutions andePLDT, respectively. We believe that both Maulik and Beth have the experienceand credentials - Maulik was the GM for Asia of Teletech while Beth was theCountry Managing Director for Accenture Philippines – to lead SPi Global andePLDT to the next level,” stated Nazareno.

 

Meralco:  Improving Prospects

 

Our first quarter financial resultsreflect the equity accounting of our 20% share in Meralco’s earnings.

 

Meralco’s consolidated Reported Net Incomefor the first quarter of 2010 increased to 2.01 billion, 127% higher than the 884 million  realized for the same periodin 2009 while its Consolidated Core Net Income, which excludes one-time,exceptional charges, stood at 1.98 billion, which was 135% better thanthe Core Net Income in 2009 of 843 million.  The improvement isattributable mainly to a slightly higher volume of energy sold and to anadjustment in distribution rates, which took effect in May 2009.

 

Meralco’s consolidated revenues, in whichelectricity accounts for approximately 98% of the total, increased by 34% to 61.1 billion largely due to higher energysales, an increase in customer count and higher average pass-through costs.

 

Total cost and expenses amounted to 58.1 billion in the first three months of2010, 32% higher compared with 44.2 billion for the same period in 2009with cost of purchased power accounting for 89% of total costs and expenses in2010.

 

On May 7, 2010, Piltel formally securedapproval from its stockholders to transfer 154.2 million of its shares inMeralco and subscribe to a 50% equity share in Beacon Electric Holdings, Inc.(“Beacon Electric”) which is co-owned with Metro Pacific InvestmentsCorporation (“MPIC”).  Piltel continues to directly own approximately 68.8million shares in Meralco.

 

Conclusion

 

“When wepresented our financial results for 2009 last March, I indicated then that 2010would be somewhat of a bridge year for the Group.  Capital investments wouldremain on the high side at  28.6 billion as we further expand andimprove our infrastructure and platforms, both operationally and strategically.We will continue to deal with the challenges ahead of us in typical PLDTfashion – with a spirit grounded in innovation, a discipline towards cost, aselective eye for growth opportunities and always with the goal of improvingshareholder value,” concluded Manuel V. Pangilinan, PLDT Chairman.

 

####

Page 8 of 10

  ** **

Exhibit 1

  ****

****

** **

** **

** **

** **

** **

** **

** **

** **

Page 9 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’s businessand results of operations. Although PLDT believes that expectations reflectedin any forward-looking statements are reasonable, it can give no guarantee offuture performance, action or events.*

* *

 

**For further information,please contact:**

 

* *

***Anabelle L. Chua                  Melissa V. Vergel de Dios                RamonR. 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 three principalbusiness groups – fixed line, wireless, and information and communicationstechnology – PLDT offers a wide range of telecommunications services across thePhilippines’ 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

** **

 

 

May 13, 2010

 

 

Philippine Stock Exchange

4/F Philippine StockExchange Center

Exchange Road, OrtigasCenter

Pasig City

 

Attention:  Ms. Janet A. Encarnacion

Head,Disclosure Department

 

Gentlemen:

 

In compliance with Section 17.1 (b) and Section 17.3of the Securities Regulation Code, we submit herewith a copy of SEC Form 17-Cwith respect to certain discloseable events/information.    

 

This shall also serve asthe disclosure letter for the purpose of complying with PSE Revised DisclosureRules.

 

 

Respectfully yours,

 

 

/s/ Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

Page 1 of 5

   
Exhibit2

 

 

 

 

 

May 13, 2010

 

 

SECURITIES &EXCHANGE COMMISSION

CorporationFinance Department 

SEC Building,EDSA

Mandaluyong City

 

Attention:        DirectorJustina F. Callangan

CorporationFinance Department

 

Gentlemen:

 

In accordance with Section 17.1 (b) of the SecuritiesRegulation Code, we submit herewith two (2) copies of SEC Form 17-C withrespect to certain discloseable events/information.        

 

 

Respectfully yours,

 

 

/s/ Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

Page 2 of 5

    

Exhibit2

 

COVER SHEET

 

 

P

W

-

5

5

 

SEC Registration No.

 

P

H

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P

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L

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D

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A

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T

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P

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C

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P

A

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Y

 

 

 

 

(Company’s Full Name)

 

R

A

M

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C

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U

A

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C

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B

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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

2,183,082

As of April 12, 2010

 

 

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 5

    

Exhibit 2

 

SECURITIES AND EXCHANGECOMMISSION

 

 

CURRENT REPORT UNDER SECTION 17

OF THE SECURITIES REGULATION CODE

AND SRC RULE 17.1

 

 

 

1.                 May 13, 2010

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.         RamonCojuangco 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 4 of 5

    

Exhibit 2

 

11.     Item 9 (OtherEvents)

 

We disclose that at themeeting of the Board of Directors of Philippine Long Distance Telephone Company(respectively, the “Board” and the “Company”) held on May 13, 2010:

 

1.     The Board noted and confirmed theappointment of Sycip Gorres Velayo & Co. as the Company’s external auditorsto audit the financial statements of the Company for the year 2010 by the AuditCommittee in its meeting held on May 3, 2010; and

 

2.      The Board declared a cash dividendin the total amount of P12,420,000.00 on all of the outstanding shares of theCompany’s Series IV Cumulative Non-Convertible Redeemable Preferred Stock, forthe quarter ending June 15, 2010, payable on June 15, 2010 to the holder ofrecord on May 27, 2010.

 

The cash dividend was declared out of theaudited unrestricted retained earnings of the Company as at December 31, 2009,which are sufficient to cover the total amount of dividend declared.

 

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

 

 

May13, 2010

 

Page 5 of 5

    

 

 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, thereuntoduly 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 13, 2010