Exhibit 6.1



GLOBE TELECOM, INC.

Earnings Per Share/Diluted Earnings Per
Share Computation

(in Thousand Pesos and U.S. Dollars )



|                                                                             |  |                   |            |   |             |   |         |   |  |        |            |   |  |   |         |  
|---------------------------------------------------------------------------- |  | ----------------- | ---------- | - | ----------- | - | ------- | - |  | ------ | ---------- | - |  | - | ------- | -
|                                                                             |  | December 31, 2003 |           
|                                                                             |  | Basic EPS         |            |   | Diluted EPS |  
|Phillippine GAAP                                                             |  |                   |            |   |             |   |         |   |  |        |            |   |  |   |         |  
|Net income reported under Philippine GAAP                                    |  | (Peso)            | 10,345,253 |   |             | $ | 186,113 |   |  | (Peso) | 10,345,253 |   |  | $ | 186,113 |  
|Less Dividends from preferred shares                                         |  |                   | (67,957    | ) |             |   | (1,223  | ) |  |        |           |   |  |   |        |  
|                                                                             |  |                   |            |   |             |   |         |   |  |        |            |   |  |   |         |  
|Net income available to common shares                                        |  |                   | 10,277,296 |   |             |   | 184,890 |   |  |        | 10,345,253 |   |  |   | 186,113 |  
|                                                                             |  |                   |            |   |             |   |         |   |  |        |            |   |  |   |         |  
|Weighted average number of shares                                            |  |                   | 149,405    |   |             |   | 149,405 |   |  |        | 150,706    |   |  |   | 150,706 |  
|                                                                             |  |                   |            |   |             |   |         |   |  |        |            |   |  |   |         |  
|Per share figures                                                            |  | (Peso)            | 68.788     |   |             | $ | 1.238   |   |  | (Peso) | 68.645     |   |  | $ | 1.235   |  
|                                                                             |  |                   |            |   |             |   |         |   |  |        |            |   |  |   |         |  
|U.S. GAAP                                                                    |  |                   |            |   |             |   |         |   |  |        |            |   |  |   |         |  
|Reported under Philippine GAAP                                               |  | (Peso)            | 68.788     |   |             | $ | 1.238   |   |  | (Peso) | 68.645     |   |  | $ | 1.235   |  
|Add (deduct):                                                                |  |                   |            |   |             |   |         |   |  |        |            |   |  |   |         |  
|Foreign exchange losses capitalized to property and equipment accounts - net |  |                   | (7.412     | ) |             |   | (0.133  | ) |  |        | (7.348     | ) |  |   | (0.132  | )
|Depreciation expense on capitalized foreign exchange losses - net            |  |                   | 4.066      |   |             |   | 0.073   |   |  |        | 4.031      |   |  |   | 0.073   |  
|ARO Implementation                                                           |  |                   | (1.559     | ) |             |   | (0.028  | ) |  |        | (1.546     | ) |  |   | (0.028  | )
|Deferred up-front fees under SAB 101 - net of amortization                   |  |                   | 0.237      |   |             |   | 0.004   |   |  |        | 0.235      |   |  |   | 0.004   |  
|Deferred revenues under EITF 00-21 - net of amortization                     |  |                   | (0.606     | ) |             |   | (0.011  | ) |  |        | (0.601     | ) |  |   | (0.011  | )
|Deferred disounts related to unearned revenues under EITF 01-09              |  |                   | 1.556      |   |             |   | 0.028   |   |  |        | 1.542      |   |  |   | 0.028   |  
|Compensation expense                                                         |  |                   | (0.070     | ) |             |   | (0.001  | ) |  |        | (0.070     | ) |  |   | (0.001  | )
|Pension expense                                                              |  |                   | (0.005     | ) |             |   | (0.000  | ) |  |        | (0.005     | ) |  |   | (0.000  | )
|Fair value adjustments on hedging and other instruments - net                |  |                   | (1.467     | ) |             |   | (0.026  | ) |  |        | (1.455     | ) |  |   | (0.026  | )
|Fair value adjustments on AFS securities to other comprehensive loss         |  |                   | 0.070      |   |             |   | 0.001   |   |  |        | 0.079      |   |  |   | 0.001   |  
|Fair value adjustment to the underlying hedged obligations                   |  |                   | (0.060     | ) |             |   | (0.001  | ) |  |        | (0.061     | ) |  |   | (0.001  | )
|Tax benefits recognized as reduction of goodwill                             |  |                   | (8.880     | ) |             |   | (0.160  | ) |  |        | (8.806     | ) |  |   | (0.158  | )
|Effect of deferred income tax                                                |  |                   | 2.150      |   |             |   | 0.039   |   |  |        | 2.126      |   |  |   | 0.038   |  
|                                                                             |  |                   |            |   |             |   |         |   |  |        |            |   |  |   |         |  
|Per share figures                                                            |  | (Peso)            | 56.808     |   |             | $ | 1.022   |   |  | (Peso) | 56.766     |   |  | $ | 1.021   |  
|                                                                             |  |                   |            |   |             |   |         |   |  |        |            |   |  |   |         |