Three significant events - which defined and shaped the Company's future – stand out of PLDT's rich and colorful past to grace this issue's cover.

The first was Governor General Henry Stimson's signing into law a bill (Act No. 3436) passed by the Philippine Legislature giving the Philippine Long Distance Telephone Company (PLDT) the franchise to establish and operate telephone services in the country on November 28, 1928 (right photo). The franchise – with a lifetime of 50 years – stipulated that within 40 days from approval, PLDT would establish telephone lines to various points in the country during a period ranging from one to four years. To appreciate the impact of PLDT's birth on our young nation then, we must remember that before 1928, communication through the telephone was quite limited. Only calls within Manila or within each of the four provinces were possible. With PLDT, long distance calls became possible, enabling Filipinos to transact business and get in touch with each other much faster. PLDT took another gigantic step in the early ‘30s to open up communications with the outside world as it established radiotelephone services between the Philippines and the United States and other parts of the world.

PLDT”s progress – rudely interrupted during the war years (1942-46) – resumed as soon as US military authorities turned over what remained of the system to PLDT in 1947. Like the Phoenix , PLDT literally rose from the ashes of war and by 1953, was able to exceed the number of telephones in service before the war. More improvements followed during the next decade as PLDT played a major role as catalyst for the country's economic and political growth.

On December 20, 1967 , a group of Filipino industrialists and businessmen headed by Ramon Cojuangco acquired the block of shares owned by the General Telephone and Electronics Corporation of New York . This Filipino group formally assumed management of PLDT on January 1, 1968 with Gregorio S. Licaros Sr. as chairman of the board and Ramon Cojuangco, president. A few months later, the PLDT Makati General Offices and Exchange Building was inaugurated (lower photo). One of the first steps taken by the Filipino management was to enlarge the scope and accelerate the pace of PLDT's expansion and modernization program. This would later include a nationwide rural telecommunications development program in support of government initiatives designed to establish modern telephone systems in the countryside. It also helped rationalize the fragmented telecommunications industry through an integration program which saw PLDT acquiring small telephone systems.

The third milestone was recorded four days before the celebration of its 70 th anniversary in 1998. Following the acquisition of PLDT shares representing a 17.2 per cent economic stake, equivalent to a 27.4 per cent voting interest by First Pacific Company Limited, Manuel V. Pangilinan was named President and Chief Executive Officer and a Director of PLDT (left photo). He succeeded Antonio O. Cojuangco who was appointed Chairman. In his message to the employees after assuming office, MVP said, “We have invested in PLDT because of our long-term commitment to the Philippines , and our confidence in its ability to be a better company. Our objective is quite simple: We wish to take PLDT to the next stage of its development, ensuring that it becomes one of Asia's leading telecommunications companies, and indeed, the first Philippine company of regional, and ultimately, global stature.”

During the first five years of MVP's administration, Filipinos have witnessed a lot of advancements to prove that these were no empty rhetoric. PLDT has evolved to be the leading telecommunications service provider in the Philippines with three principal business groups – fixed line, wireless and information and communications technology. Starting as just a POTS (plain old telephone service) provider 75 years ago, PLDT now offers the largest and most diversified range of telecommunications services across the country's most extensive fiber optic backbone and fixed line, cellular and satellite networks. Actually, the most recent picture of how far the company has gone is on the opposite page with a report on our third quarter accomplishments.

What lies ahead? As our corporate anniversary message says, “We look into the future with great optimism.” Another 75 years from now, PLDT will definitely be quite different from what it is now - the same way that at present, it bears so little resemblance with the company established in 1928! No doubt, the future is in our hands as well as those of the next generations of PLDT employees. And surely, we shall continue to think ahead: driven by the same fire – to make Filipinos' lives better - that engulfed our founding corporate fathers 75 years ago.

Indeed, when the future arrives, we will be there.