09:10     FIRST PACIFIC<00142> - Announcement & Resumption (10)               

    (if any) shares or stock resulting from any                               
    subdivision, consolidation or reclassification of                         
    those shares which, as between themselves, have no                        
    preference in respect of dividends or amounts payable                     
    in the event of any voluntary or involuntary                              
    liquidation or winding-up of PLDT.                                        
                                                                              
    "SGX-ST"        The Singapore Exchange Securities Trading                 
    Limited.                                                                  
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong                   
    Limited.                                                                  
                                                                              
    "Subscription Agreement"        The subscription agreement                
    entered into between the Issuer, the Guarantor and                        
    UBS AG on 12 January, 2005 in connection with the issue                   
    of the Notes.                                                             
                                                                              
    "Trading Day"   A day on which the Stock Exchange is                      
    open for business.                                                        
                                                                              
    "Trustee"       The Hongkong and Shanghai Banking                         
    Corporation Limited.                                                      
                                                                              
    "Trust Deed"    The trust deed to be entered into                         
    between, inter alia, the Issuer, the Guarantor and                        
    the Trustee, constituting the Notes.                                      
                                                                              
    "United States or U.S." The United States of                              
    America, its territories and possessions, any state                       
    of the United States, and the District of Columbia.                       
                                                                              
    "US$"   United States dollars, the lawful currency of                     
    the United States.                                                        
                                                                              
    By Order of the Board of                                                  
    First Pacific Company Limited                                             
    Manuel V. Pangilinan                                                      
    Managing Director and Chief Executive Officer                             
                                                                              
    Hong Kong, 12 January, 2005                                               
                                                                              
    As at the date of this announcement, the Chairman of                      
    the Guarantor is Mr. Anthoni Salim; the Managing                          
    Director and CEO of the Guarantor is Mr. Manuel V.                        
    Pangilinan; the executive directors of the Guarantor                      
    are Mr. Edward A. Tortorici and Mr. Robert C.                             
    Nicholson; the non-executive directors of the                             
    Guarantor are Mr. Sutanto Djuhar, Mr. Ibrahim Risjad,                     
    Mr. Tedy Djuhar, His Excellency Albert F. del Rosario                     
    and Mr. Benny S. Santoso; the independent                                 
    non-executive directors of the Guarantor are Graham                       
    L. Pickles, Professor Edward K.Y. Chen (CBE, JP, GBS)                     
    and Mr. David W.C. Tang (OBE, Chevallier de L'Ordre                       
    des Arts et des Lettres).