EXHIBIT 8

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

Subsidiaries as at December 31, 2014

Our consolidated financial statements include the financial statements of PLDT and the following subsidiaries (collectively, the PLDT Group)
as at December 31, 2014 and 2013:



|                                                                                         |  |                       |  |                                                                                                                                                 |  |                         |       |  |          |  |       |        |  |  |          |  |  |  |        | 
|---------------------------------------------------------------------------------------- |  | --------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ----- |  | -------- |  | ----- | ------ |  |  | -------- |  |  |  | ------ | 
|                                                                                         |  |                       |  |                                                                                                                                                 |  | Percentage of Ownership |      
|                                                                                         |  | Place of              |  |                                                                                                                                                 |  | 2014                    |       |  | 2013     | 
|Name of Subsidiary                                                                       |  | Incorporation         |  | Principal Business Activity                                                                                                                     |  | Direct                  |       |  | Indirect |  |       | Direct |  |  | Indirect | 
|                                                                                         |  |                       |  |                                                                                                                                                 |  |                        
|Wireless                                                                                 |  |                       |  |                                                                                                                                                 |  |                         |       |  |          |  |       |        |  |  |          |  |  |  |        | 
|Smart:                                                                                   |  | Philippines           |  | Cellular mobile services                                                                                                                        |  |                         | 100.0 |  |          |  |      |        |  |  | 100.0    |  |  |  |       | 
|Smart Broadband, Inc., or SBI, and Subsidiary                                            |  | Philippines           |  | Internet broadband distribution services                                                                                                        |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|Primeworld Digital Systems, Inc., or PDSI                                                |  | Philippines           |  | Internet broadband distribution services                                                                                                        |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|I-Contacts Corporation                                                                   |  | Philippines           |  | Call center services                                                                                                                            |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|Smart e-Money, Inc., or SMI, (formerly Smarthub, Inc.)(a)                                |  | Philippines           |  | Provide and market certain mobile payment services                                                                                              |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|Smart Money Holdings Corporation, or SMHC                                                |  | Cayman Islands        |  | Investment company                                                                                                                              |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|Far East Capital Limited, or FECL, and Subsidiary, or FECL Group                         |  | Cayman Islands        |  | Cost effective offshore financing and risk management activities for Smart                                                                      |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|PH Communications Holdings Corporation                                                   |  | Philippines           |  | Investment company                                                                                                                              |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|Francom Holdings, Inc.:                                                                  |  | Philippines           |  | Investment company                                                                                                                              |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|Connectivity Unlimited Resource Enterprise, or CURE                                      |  | Philippines           |  | Cellular mobile services                                                                                                                        |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|Chikka Holdings Limited, or Chikka, and Subsidiaries, or Chikka Group                    |  | British VirginIslands |  | Content provider, mobile applications development and services                                                                                  |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|elnnovations Holdings Pte. Ltd. (formerly Smarthub Pte. Ltd., or SHPL)(b):               |  | Singapore             |  | Investment company                                                                                                                              |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|Takatack Pte. Ltd., or Takatack, (formerly SmartConnect Global Pte.
Ltd.)(c)             |  | Singapore             |  | Development of leading enhanced data rates for GSM evolution, voice communications and information technology, or IT, based
solutions           |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|3rdBrand Pte. Ltd., or 3rdBrand                                                          |  | Singapore             |  | Solutions and systems integration services                                                                                                      |  |                         |      |  |          |  | 85.0  |        |  |  |         |  |  |  | 85.0   | 
|Voyager Innovations, Inc., or Voyager(d)                                                 |  | Philippines           |  | Mobile applications development and services                                                                                                    |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.00 | 
|Wifun, Inc., or Wifun(e)                                                                 |  | Philippines           |  | Software developer and selling of WiFi access equipment                                                                                         |  |                         |      |  |          |  | 87.0  |        |  |  |         |  |  |  |       | 
|Telesat, Inc.(f)                                                                         |  | Philippines           |  | Satellite communications services                                                                                                               |  |                         | 100.0 |  |          |  |      |        |  |  | 100.0    |  |  |  |       | 
|ACeS Philippines Cellular Satellite Corporation, or ACeS Philippines                     |  | Philippines           |  | Satellite information and messaging services                                                                                                    |  |                         | 88.5  |  |          |  | 11.5  |        |  |  | 88.5     |  |  |  | 11.5   | 
|Digitel Mobile Philippines, Inc., or DMPI, (a wholly-owned subsidiary of Digitel)        |  | Philippines           |  | Cellular mobile services                                                                                                                        |  |                         |      |  |          |  | 99.6  |        |  |  |         |  |  |  | 99.6   | 
|                                                                                         |  |                       |  |                                                                                                                                                 |  |                        
|Fixed Line                                                                               |  |                       |  |                                                                                                                                                 |  |                         |       |  |          |  |       |        |  |  |          |  |  |  |        | 
|PLDT Clark Telecom, Inc., or ClarkTel                                                    |  | Philippines           |  | Telecommunications services                                                                                                                     |  |                         | 100.0 |  |          |  |      |        |  |  | 100.0    |  |  |  |       | 
|PLDT Subic Telecom, Inc., or SubicTel                                                    |  | Philippines           |  | Telecommunications services                                                                                                                     |  |                         | 100.0 |  |          |  |      |        |  |  | 100.0    |  |  |  |       | 
|PLDT Global Corporation, or PLDT Global, and Subsidiaries                                |  | British VirginIslands |  | Telecommunications services                                                                                                                     |  |                         | 100.0 |  |          |  |      |        |  |  | 100.0    |  |  |  |       | 
|Smart-NTT Multimedia, Inc.(f)                                                            |  | Philippines           |  | Data and network services                                                                                                                       |  |                         | 100.0 |  |          |  |      |        |  |  | 100.0    |  |  |  |       | 
|PLDT-Philcom, Inc., or Philcom, and Subsidiaries, or Philcom Group                       |  | Philippines           |  | Telecommunications services                                                                                                                     |  |                         | 100.0 |  |          |  |      |        |  |  | 100.0    |  |  |  |       | 
|ePLDT, Inc., or ePLDT:                                                                   |  | Philippines           |  | Information and communications infrastructure for internet-based services, e-commerce, customer relationship management and IT
related services |  |                         | 100.0 |  |          |  |      |        |  |  | 100.0    |  |  |  |       | 
|                                                                                         |  |                       |  |                                                                                                                                                 |  |                        
|IP Converge Data Services, Inc., or IPCDSI, and Subsidiary, or IPCDSI Group(g)           |  | Philippines           |  | Information and communications infrastructure for internet-based services, e-commerce, customer relationship management and IT
related services |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.0  | 
|iPlus Intelligent Network, Inc., or iPlus(h)                                             |  | Philippines           |  | Managed IT outsourcing                                                                                                                          |  |                         |      |  |          |  |      |        |  |  |         |  |  |  | 100.0  | 
|Curo Teknika, Inc., or Curo(i)                                                           |  | Philippines           |  | Managed IT outsourcing                                                                                                                          |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.0  | 
|ABM Global Solutions, Inc., or AGS, and Subsidiaries, or AGS Group(j)                    |  | Philippines           |  | Internet-based purchasing, IT consulting and professional services                                                                              |  |                         |      |  |          |  | 99.8  |        |  |  |         |  |  |  | 99.2   | 
|ePDS, Inc., or ePDS                                                                      |  | Philippines           |  | Bills printing and other related value-added services, or VAS                                                                                   |  |                         |      |  |          |  | 67.0  |        |  |  |         |  |  |  | 67.0   | 
|netGames, Inc.(f)                                                                        |  | Philippines           |  | Gaming support services                                                                                                                         |  |                         |      |  |          |  | 57.5  |        |  |  |         |  |  |  | 57.5   | 
|Digitel:                                                                                 |  | Philippines           |  | Telecommunications services                                                                                                                     |  |                         | 99.6  |  |          |  |      |        |  |  | 99.6     |  |  |  |       | 
|Digitel Capital Philippines Ltd., or DCPL(k)                                             |  | British VirginIslands |  | Telecommunications services                                                                                                                     |  |                         |      |  |          |  | 99.6  |        |  |  |         |  |  |  | 99.6   | 
|Digitel Information Technology Services, Inc.(l)                                         |  | Philippines           |  | Internet services                                                                                                                               |  |                         |      |  |          |  | 99.6  |        |  |  |         |  |  |  | 99.6   | 
|PLDT-Maratel, Inc., or Maratel                                                           |  | Philippines           |  | Telecommunications services                                                                                                                     |  |                         | 98.0  |  |          |  |      |        |  |  | 98.0     |  |  |  |       | 
|Bonifacio Communications Corporation, or BCC                                             |  | Philippines           |  | Telecommunications, infrastructure and related VAS                                                                                              |  |                         | 75.0  |  |          |  |      |        |  |  | 75.0     |  |  |  |       | 
|Pacific Global One Aviation Co., Inc., or PG1(m)                                         |  | Philippines           |  | Air transportation business                                                                                                                     |  |                         | 65.0  |  |          |  |      |        |  |  | 50.0     |  |  |  |       | 
|Pilipinas Global Network Limited, or PGNL, and Subsidiaries(n)                           |  | British VirginIslands |  | Internal distributor of Filipino channels and content                                                                                           |  |                         | 64.6  |  |          |  |      |        |  |  | 60.0     |  |  |  |       | 
|                                                                                         |  |                       |  |                                                                                                                                                 |  |                        
|Others                                                                                   |  |                       |  |                                                                                                                                                 |  |                         |       |  |          |  |       |        |  |  |          |  |  |  |        | 
|PLDT Global Investments Holdings, Inc., or PGIH, (formerly SPi Global Holdings, Inc.)(o) |  | Philippines           |  | Investment company                                                                                                                              |  |                         | 100.0 |  |          |  |      |        |  |  | 100.0    |  |  |  |       | 
|PLDT Digital Investments Pte. Ltd., or PLDT Digital, and Subsidiary(p)                   |  | Singapore             |  | Investment company                                                                                                                              |  |                         | 100.0 |  |          |  |      |        |  |  |         |  |  |  |       | 
|Mabuhay Investments Corporation, or MIC(f)                                               |  | Philippines           |  | Investment company                                                                                                                              |  |                         | 67.0  |  |          |  |      |        |  |  | 67.0     |  |  |  |       | 
|PLDT Global Investments Corporation, or PGIC                                             |  | British VirginIslands |  | Investment company                                                                                                                              |  |                         |      |  |          |  | 100.0 |        |  |  |         |  |  |  | 100.0  | 
|PLDT Communications and Energy Ventures, Inc., or PCEV                                   |  | Philippines           |  | Investment company                                                                                                                              |  |                         |      |  |          |  | 99.9  |        |  |  |         |  |  |  | 99.8   | 



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|(a) | On July 12, 2013, the Philippine SEC approved the change in the business name of Smarthub, Inc. to Smart e-Money, Inc.
|--- | ----------------------------------------------------------------------------------------------------------------------

|(b) | On February 24, 2015, the Accounting and Corporate Regulatory Authority of Singapore approved the change in the business name of SHPL to
elnnovations Holdings Pte. Ltd.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) | On September 29, 2013, by a special resolution of the Board of Directors of SmartConnect Global Pte. Ltd., resolved to change its registered
business name to Takatack Pte. Ltd.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) | On January 7, 2013, Voyager was registered with the Philippine SEC to provide mobile applications development and services.
|--- | ---------------------------------------------------------------------------------------------------------------------------

|(e) | On November 18, 2014, Smart acquired 86.96% equity interest in Wifun. See Note 14  Business Combinations  Smarts Acquisition
of Wifun.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------

|(f) | Ceased commercial operations.
|--- | -----------------------------

|(g) | On January 28, 2014, IPCDSI acquired 100% equity interest in Rack I.T. Data Center, Inc., or Rack IT. See Note 14  Business Combinations
 IPCDSIs Acquisition of Rack IT.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(h) | On April 8, 2014, ePLDT sold its 100% stake in iPlus through management buyout for a consideration of Php42 million.
|--- | --------------------------------------------------------------------------------------------------------------------

|(i) | On October 30, 2013, Curo was incorporated to take-on the Outsourced IT Services as a result of the spin-off of iPlus.
|--- | ----------------------------------------------------------------------------------------------------------------------

|(j) | In 2014, ePLDT acquired an additional 0.6% equity in AGS from its minority shareholders thereby increasing ePLDTs ownership in AGS from 99.2%
to 99.8%.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------

|(k) | Liquidated in January 2013.
|--- | ---------------------------

|(l) | Corporate life shortened until June 2013.
|--- | -----------------------------------------

|(m) | On March 10, 2014, PLDT acquired an additional 37.5 million shares of PG1, thereby increasing its ownership from 50% to 65%. See Note 10
 Investments in Associates, Joint Ventures and Deposits  Investment in PG1 and Note 14  Business Combinations  PLDTs Additional Investment in PG1.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(n) | In September 2014, PLDT converted a receivable from PGNL amounting to US$5.5 million as additional investment and infused additional cash amounting
to US$1.3 million thereby increasing its interest in PGNL from 60.0% to 64.6%.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(o) | On December 4, 2012, our Board of Directors authorized the sale of our Business Process Outsourcing, or BPO, segment, which was wholly-owned by
PGIH. The sale was completed in April 2013. Consequently, as at December 31, 2013, the BPO segment was classified as discontinued operations and a disposal group held-for-sale. On June 3, 2013, the Philippine SEC approved the change in the
business name of SPi Global Holdings, Inc. to PLDT Global Investments Holdings, Inc. See Note 3  Managements Use of Accounting Judgments, Estimates and Assumptions  Assets Classified as Held-for-Sale and Discontinued Operations.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(p) | On August 1, 2014, PLDT Digital was incorporated to be the holding company of PLDT Online Investments Pte. Ltd., or PLDT Online, an entity that
holds investment in Rocket Internet AG, or Rocket. See Note 11  Available-for-Sale Financial Investments  PLDT Onlines Investment in Rocket.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------