EXHIBIT 7

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

Calculation of Ratio of Earnings to Fixed Charges

For the years 2008 through 2012

	2012(1)			2012			2011			2010			2009			2008
	(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$	1,041			Php42,753			Php41,728			Php54,234			Php55,418			Php54,049
Add (Deduct):
Fixed Charges (see description below)		249			10,237			8,945			9,130			8,834			8,609
Amortization of capitalized interest		56			2,315			3,355			1,594			1,544			1,543
Capitalized interest		(22	)		(914	)		(648	)		(710	)		(691	)		(778	)
Total Earnings(2)	US$	1,324			Php54,391			Php53,380			Php64,248			Php65,105			Php65,799
Fixed Charges
Interest on loans and related items	US$	154			Php6,319			Php5,948			Php6,177			Php5,987			Php5,861
Capitalized interest		22			914			648			710			691			778
Amortization of debt issuance costs and debt discount		26			1,051			1,036			1,010			913			751
Estimated financing component of rent expense(3)		47			1,953			1,313			1,233			1,243			1,219
Total Fixed Charges	US$	249			Php10,237			Php8,945			Php9,130			Php8,834			Php8,609
Ratio (a/b)(2)		5.3			5.3			6.0			7.0			7.4			7.4

(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, 2012 has been converted into U.S. dollars at the exchange rate of Php41.08 to US$1.00, the Philippine peso-dollar rate as quoted through the Philippine Dealing System as at December 31, 2012.

(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.