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 April 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, 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 a press release entitled “ePLDT’s BPO Subsidiary Acquires Springfield Service Corporation For US$44 Million”.

 

6

 

 

 

Exhibit 1

 

 

** **

   

 

 

April 16, 2007 

 
 

 

The Philippine Stock Exchange
Disclosure Department

4th Floor PSECentre

Exchange Road, Ortigas Center

Pasig City

 

Attention:        Atty.Pete M. Malabanan 

Head,Disclosure Department

 

Ladies and Gentlemen:

 

In compliance withSection 17.1(b) and Section 17.3 of the Securities Regulation Code, we submitherewith a copy of SEC Form 17-C with a copy of a press release attachedthereto entitled “ePLDT’s BPO Subsidiary Acquires Springfield ServiceCorporation For US$44 Million”.  ePLDT, Inc. is a wholly-owned subsidiary ofPLDT.

 

This shall also serve asthe disclosure letter for the purpose of complying with the PSE RevisedDisclosure Rules.

 

Respectfully yours,

 

/s/Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary 

 

MLCRC:amq

Encs.

 

Page 1 of 6

    

Exhibit 1

 

 

 

April 16, 2007

 

 

SECURITIES &EXCHANGE COMMISSION

Money MarketOperations Department

SEC Building, EDSA

Mandaluyong City

 

Attention         :           DirectorJustina F. Callangan

                                    CorporationsFinance Department

 

Gentlemen:

 

Re       :           PhilippineLong Distance Telephone Company

                        SECRegistration No. PW-55

 

In accordance withSection 17.1 (b) of the Securities Regulation Code, we submit herewith five (5)copies of SEC Form 17-C with a copy of a press release attached thereto entitled“ePLDT’s BPO Subsidiary Acquires Springfield Service Corporation For US$44Million”.  ePLDT, Inc. is a wholly-owned subsidiary of PLDT.

 

Very trulyyours,

 

/s/ Ma. LourdesC. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary 

 

MLCRC:amq

Encs.

Page 2 of 6

   

Exhibit 1

 

 

SECURITIES ANDEXCHANGE COMMISSION

 

 

SEC FORM 17-C

 

CURRENT REPORTUNDER SECTION 17

OF THE SECURITIESREGULATION CODE

AND SRC RULE 17.1

 

 

 

 

1.                 April 16, 2007 

(Date of earliest event reported)

 

2.                 SEC Identification Number  PW-55

 

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

 

4.                 PHILIPPINE LONGDISTANCE TELEPHONE COMPANY                                        

            Exactname of registrant as specified in its charter

 

5.         PHILIPPINES6. _____________ (SEC Use Only)  

           Province, country or otherjurisdiction             Industry Classification Code

of Incorporation

 

7.         9th Floor MGO Building

            Legaspicorner dela Rosa Streets, Makati City                                  1200 

     Address of principal office                                                                  PostalCode

 

8.         (632)816-8553                                           

Registrant's telephone number, includingarea code
 

9.         NotApplicable                                                               

            Formername or former address, if changed since last report

 

10.       Securitiesregistered pursuant to Sections 8 and 12 of the SRC

 

            Titleof Each Class                             Number of Shares of Common Stock

          Licensed and Amount of Debt Outstanding

 

 

Page 3 of 6

    

Exhibit 1

 

 

11.       Item9 – Other Events

 

Attached hereto is a copyof a press release entitled “ePLDT’s BPO Subsidiary Acquires SpringfieldService Corporation For US$44 Million”.  ePLDT, Inc. is a wholly-owned subsidiary of PLDT.

 

 

 

 

SIGNATURE

 

            Pursuantto the requirements of the Securities Regulation Code, the Registrant has dulycaused this report to be signed on its behalf by the undersigned hereto dulyauthorized.

 

 

 

 

PHILIPPINE LONG DISTANCE

TELEPHONE COMPANY

 

 

/s/ Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

 

 

 

 

Date:   April 16, 2007 

 

Distribution Copies:  5copies – Securities & Exchange Commission

                        1copy    - Philippine Stock Exchange

                                    1copy    - Company Secretary

 

 

Page 4 of 6

  Exhibit 1

 

** **

**SPi**

  **FOR IMMEDIATERELEASE**

** **

**Contact:**May Dizon

Corporate CommunicationsManager

632 855 8655

m.dizon@spi-bpo.com

 

** **

ePLDT’s BPO Subsidiary AcquiresSpringfield Service Corporation 

For US$ 44 million****

 

*SPi Expands Healthcare Platform byAdding Physician Billing and*

*Revenue Cycle Management Services toIts Portfolio*

 

**Manila, Philippines**, April 16, 2007 – SPi, aleading global business process outsourcing (BPO) company, today announced thatit has acquired, through a wholly-owned US subsidiary, 100% of SpringfieldService Corporation for an aggregate purchase price of US$ 44 million, with thepotential for future earn out payments.

 

Springfield ServiceCorporation (SSC), the 10th largest player in the medical billingand revenue cycle management market, has 383 employees operating in 5 locationsin the US and provides billing and accounts receivable management services forover $1.3 billion of physician charges annually. SSC is estimated to generatein excess of US$30 million in revenues over the next twelve months. The21-year-old company also offers practice management services including patientscheduling, coding and compliance assistance, consulting and specializedreporting services.  SSC is known for its superior operational capability onthe GE Centricity Business System (formerly known as IDX Flowcast) and EPIC,two of the leading platforms in the industry, strong client relationships, andexperienced management team. 

 

Ernest L. Cu, Presidentand CEO of SPi said, “We have been tracking companies in the medical billingspace for some time with the goal of finding one to acquire whose corporateculture and values match our own.   SSC fits the bill.  Their annuity-basedbusiness nicely complements our existing Healthcare platform and provides anexcellent entry point for us into this rapidly growing $25 billion industry.”Cu went on to say:  “The inclusion of SSC’s service offerings in our Healthcareportfolio allows us to further strengthen our relationships with the more than400 hospitals, multi-specialty clinics and physician practices that wecurrently serve.” 

 

The US healthcare industry accounts for 15% of US GDP and is the largest segment in the US economy.  In 2003, US healthcare expenditures reached nearly $2.0 trillion.  Healthcarecosts have continued to rise by 18% annually since then.  Currently $4.2billion in medical billing work is being outsourced each year, and spending inthis area is expected to grow by 7% annually.  The medical billing sector isideally suited for outsourcing due to the high volume of transactions and theongoing rising costs of healthcare.  

Page 5 of 6

   

 

 

Exhibit 1

 

 

“At US$ 44 million,****theSSC acquisition is the largest to date for SPi.  Further it is an excellent exampleof how we are implementing our strategic plan to accelerategrowth and strengthen our position in the BPO arena,” stated Ray C.Espinosa, President and CEO of ePLDT.  “We are delighted to support SPi’sexpansion of its Healthcare platform and to be adding another annuity-basedbusiness to our overall BPO portfolio.”

 

“The management team ofSSC is equally pleased with the business combination,” stated Mike Beninato,President and CEO of SSC. “Both SPi and SSC share a vision to reduce healthcarecosts while improving quality through streamlining business processes, andimproving patient care. This acquisition is tremendous news for our customersand employees, who will benefit from the resources available from SPi. We lookforward to SSC’s  continued growth and profitability in the years ahead.” 

 

 

**About SPi**

 

SPi,is a leading full-service BPO provider with offices and facilities across NorthAmerica, Europe, and Asia. Together with its sister company, Ventus, SPi has11,000 employees delivering a wide range of call center and knowledge-basedoutsourcing solutions to diversified markets, including financial services,healthcare, legal and publishing. SPi consistently improves operatingefficiency, lowers costs and helps to strengthen the competitive position ofmore than 500 customers.

 

SPiis 100% owned by ePLDT, Inc. ePLDT, Inc. is a wholly-owned subsidiary of thePhilippine Long Distance Telephone Company (PLDT), the leadingtelecommunications provider in the Philippines. PLDT is listed on thePhilippine Stock Exchange (PSE:TEL) and its American Depository Shares arelisted on the New York Stock Exchange (NYSE:PHI).

For more information onSPi, visit www.spi-bpo.com.

 

 

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:April 16, 2007