MANILA, Philippines, 29 January 2008   –– Philippine Long Distance Telephone Company (NYSE : TEL; PSE : PLDT) announced that its Board of Directors, at a meeting held earlier today, approved a share buyback program of up to 2 million shares representing approximately 1.1% of the Company’s total outstanding common shares. The buyback will continue until the number of shares earmarked for the program has been fully repurchased, or until such time as the Company’s Board of Directors determines otherwise.The Company has sufficient unrestricted retained earnings to cover the amount for the program. Implementation of the share buyback program will be undertaken by PLDT’s Treasury Group.The plan is to reacquire the shares on an opportunistic basis, direct from the open market through the trading facilities of the PSE and/or the NYSE.

The share buyback program reflects PLDT’s commitment to capital management as an important element in enhancing shareholder value.The program reinforces initiatives the Company has already undertaken such as the declaration of special dividends on the basis of a “look back” approach on top of the regular dividend pay out of 70% on common shares.

The buyback program also manifests the Company’s confidence in the inherent value of its shares especially at times when, from time to time, the market value falls below such level.The program is not expected to affect any of the Company’s existing or prospective projects or programs and dividend policy.

Requisite disclosures to the PSE, SEC and NYSE shall be filed following each repurchase of shares.