EXHIBIT 7

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

Calculation of Ratio of Earnings to Fixed Charges

For the years 2010 through 2014

	2014(1)			2014			2013			2012			2011			2010
	(in millions, except ratio of earnings to fixed charges)
Earnings: Income before income tax
Pre-tax income from continuing operations before adjustment for non-controlling interest in consolidated subsidiaries or income or loss from equity investees subsidiaries	US$	987		Php	44,148		Php	41,632		Php	43,606		Php	41,085		Php	53,623
Add (Deduct):
Fixed Charges (see description below)		184			8,237			9,060			10,237			8,945			9,130
Amortization of capitalized interest		27			1,198			1,221			2,315			3,355			1,594
Capitalized interest		(10	)		(442	)		(421	)		(914	)		(648	)		(710	)
Total Earnings(2)	US$	1,188		Php	53,141		Php	51,492		Php	55,244		Php	52,737		Php	63,637
Fixed Charges
Interest on loans and related items	US$	121		Php	5,429		Php	5,086		Php	6,319		Php	5,948		Php	6,177
Capitalized interest		10			442			421			914			648			710
Amortization of debt issuance costs and debt discount		4			164			1,539			1,051			1,036			1,010
Estimated financing component of rent expense(3)		49			2,202			2,014			1,953			1,313			1,233
Total Fixed Charges	US$	184		Php	8,237		Php	9,060		Php	10,237		Php	8,945		Php	9,130
Ratio (a/b)(2)		6.5			6.5			5.7			5.4			5.9			7.0

(1) We maintain our accounts in Philippine pesos, the functional and presentation currency under IFRS. For convenience, the Philippine peso financial information as at and for the year ended December 31, 2014 has been converted into U.S. dollars at the exchange rate of Php44.74 to US$1.00, the Philippine peso-dollar rate as quoted through the Philippine Dealing System as at December 31, 2014.

(2) For purposes of this ratio, “Earnings” consist of: (a) pre-tax income from continuing operations before adjustment for non-controlling interest in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest, (d) distributed income of equity investees, and (e) share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges; less the sum of the following: (1) capitalized interest, (2) preference security dividend requirements of consolidated subsidiaries, and (3) the non-controlling interests in pre-tax income of subsidiaries that have not incurred fixed charges.

“Fixed charges” consist of interest expense and capitalized interest, amortized premiums, discounts and capitalized expenses related to indebtedness, an estimate of interest within rental expense, and preference security dividend requirements of consolidated subsidiaries.

(3) Rent expense substantially represents payments for the satellite circuits leased by PLDT. Historically, PLDT has been using one-third of rent expense as a reasonable estimate of the financing component of rent expense, since it is impracticable to determine the actual financing component of rent expense.