Exhibit EX-99

Some information in this report may contain forward-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 of 1934. We have based these forward-looking statements on our current beliefs, expectations and intentions as to facts, actions and events that will or may occur in the future. Such statements generally are identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We have chosen these assumptions or bases in good faith. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results may differ materially from information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in “Item 3. Key Information – Risk Factors” in our annual report on Form 20-F for the fiscal year ended December 31, 2007 You should also keep in mind that any forward-looking statement made by us in this report or elsewhere speaks only as at the date on which we made it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the statements in this report after the date hereof. In light of these risks and uncertainties, you should keep in mind that actual results may differ materially from any forward-looking statement made in this report or elsewhere.


	A copy of the disclosure letter we sent today to
	the Philippine Stock Exchange and the Securities and
	Exchange Commission regarding the press release
	issued by Moody’s Investors Service (Moody’s)
	entitled “Moody’s places PLDT’s LC rating under
1	review direction uncertain”.	6

The Philippine Stock Exchange
Disclosure Department
4^th Floor PSE Centre
Exchange Road, Ortigas Center
Pasig City


Attention:		Atty. Pete M. Malabanan Head, Disclosure Department

In compliance with Section 17.1(b) and Section 17.3 of the Securities Regulation Code, we submit herewith a copy of SEC Form 17-C with a press release issued by Moody’s Investors Service (Moody’s) attached thereto entitled “Moody’s places PLDT’s LC rating under review direction uncertain”.

This shall also serve as the disclosure letter for the purpose of complying with PSE Revised Disclosure Rules.

SECURITIES & EXCHANGE COMMISSION
Money Market Operations Department
SEC Building, EDSA
Mandaluyong City


Attention		:Director Justina F. Callangan
		Corporations Finance Department
Gentlemen:
Re	:	Philippine Long Distance Telephone Company SEC Registration No. PW-55

In accordance with Section 17.1 (b) of the Securities Regulation Code, we submit herewith three (3) copies of SEC Form 17-C with a press release issued by Moody’s Investors Service (Moody’s) attached thereto entitled “Moody’s places PLDT’s LC rating under review direction uncertain”.

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.1


5.PHILIPPINES 6. _____________ (SEC Use Only)
Province, country or other jurisdiction		Industry Classification Code


Legaspi corner dela Rosa Streets, Makati City	1200
Address of principal office		Postal Code


Title of Each Class		Number of Shares of Common Stock Licensed and Amount of Debt Outstanding

Attached hereto is a press release issued by Moody’s Investors Service (Moody’s) entitled “Moody’s places PLDT’s LC rating under review direction uncertain”.

Pursuant to the requirements of the Securities Regulation Code, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.

PHILIPPINE LONG DISTANCE
TELEPHONE COMPANY
/s/ Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN
Corporate Secretary


Moody’s Investors Service		Global Credit Research Rating Action
		16 MAR 2009

Hong Kong, March 16, 2009 —Moody’s Investors Service has today revised the status of Philippine Long
Distance Telephone Company’s (“PLDT”) Baa2 local currency (“LC”) issuer rating from review for possible
upgrade to review with direction uncertain. At the same time, Moody’s has affirmed PLDT’s Ba2/positive
foreign currency bond rating.

The rating action has been prompted by PLDT’s recent announcement that it plans to acquire up to a 20%
stake in the Manila Electric Company (“Meralco”) at a cost of approximately P20 billion.

“While the acquisition can largely be funded out of cash on hand and without any material adverse impact on PLDT’s consolidated financial metrics, which remain strong for a Baa rating, it will reduce the company’s liquidity reserves,” says Laura Acres, a Moody’s Vice President.

“The acquisition also raises concerns as it represents a move by shareholders and senior management into a non-core business, albeit into another utility with a small telecommunications-related business with an established fiber optic network covering the Metro Manila area,” says Acres, also Moody’s Lead Analyst for PLDT, adding “it is however noted that PLDT has indicated that it will limit its investment in Meralco to a 20% shareholding.”

Moody’s review will focus on 1) potential funding support PLDT will have to provide to Meralco; 2) PLDT’s
financial polices over the next 2 years, especially with regard to leverage and uses of cash; and 3) strategy of PLDT’s principal shareholder, First Pacific, and the degree to which this investment signals a shift in strategy for the telco operator.

Moody’s affirmation of PLDT’s foreign currency bond rating reflects the fact that the rating is unlikely to
change without there first being a change in the Philippines foreign currency country ceiling or downward
rating action on PLDT.

The principal methodology used in rating PLDT was the Global Telecommunications Industry dated
December 2007, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. The methodology outcome is A1 on a fully-consolidated basis based on results for 2008.

Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

The last rating action was taken on 10th March, 2009, when PLDT’s Baa2 local currency issuer rating was
placed on review for possible upgrade and the foreign currency bond rating was affirmed at Ba2/positive.

PLDT is an integrated provider of fixed-line, broadband, cellular and Information and Communications
Technology (“ICT”) services. As at 31st December, 2008, it had 35.2 million cellular, 1.8 million fixed-line and 1.0 million broadband subscribers and is the country’s leading telecommunications service provider. It also has a 52% market share for cellular telephony, 60% for fixed-line services and 70% broadband.

Major shareholders are First Pacific and NTT Communications/NTT DoCoMo, with effective common
shareholdings of 26.3% and 20.9% respectively as of January 2009. The remaining common shares are
publicly held.

Hong Kong
Laura Acres
Vice President -Senior Analyst
Corporate Finance Group
Moody’s Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077

Hong Kong
Gary Lau
Senior Vice President
Corporate Finance Group
Moody’s Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077

CREDIT RATINGS ARE MOODY’S INVESTORS SERVICE, INC.’S (MIS) CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS DO NOT CONSTITUTE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIS ISSUES ITS CREDIT RATINGS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, such information is provided “as is” without warranty of any kind and MOODY’S, in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such information. Under no circumstances shall MOODY’S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY’S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY’S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The credit ratings and financial reporting analysis observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any investment decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding or selling.

MOODY’S hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MOODY’S have, prior to assignment of any rating, agreed to pay to MOODY’S for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,400,000. Moody’s Corporation (MCO) and its wholly-owned credit rating agency subsidiary, Moody’s Investors Service (MIS), also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually on Moody’s website at www.moodys.com under the heading “Shareholder Relations -Corporate Governance -Director and Shareholder Affiliation Policy.”

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly 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