PLDT (NYSE: PHI)(PSE: TEL) is listed as a regular (non OTC equity) on the NYSE, although 2007's change to the ADR system to have all shares bought and sold on the NYSE as usual but answering only to the Philippine Stock Exchange and RP SEC. It has done nothing to deal with massive fraud at Metro Pacific (PSE: MPI)/(PSE: MPC), whose Chairman Manuel Pangilinan is also Chairman of PLDT. Additionally, former Philippine Ambassadot to the US Albert del Rosario is on the Board of PLDT and Metro Pacific Investments and Annabelle Lim-Chua, is a PLDT Board member and CFO of Smart Communications, while serving on the Board of the Philippine Stock Exchange. In 2006, Metro Pacific Corporation (PSE: MPC)made a material reorganization that was overseen by SGV Ernst & Young. David Nugent was promoted to Corporate Governance Compliance Officer answering per the Metro Pacific by-laws to Chairman Pangilinan and reviewing all of the finances with the Audit Committee of the Metro Pacific Board and Management. Unfortunately, SGV Ernst & Young and Metro Pacific which he had already worked for 5 years, failed to perform even a perfunctory background check as he has a lengthy record of fraud and defaulting the U.S. Department of Education of US$34,000 and a citation for arrest by the Santa Cruz, CA, USA District Attorney in 2002 for check fraud. Nugent never graduated from college, lied about his age, financial status and lied to the Philippine Stock Exchange with a notary public endorsement to the Philippine Stock Exchange and Philippine Securities & Exchange Commission about annual reports. You will not find his name in the 2006 Annual Report on the Metro Pacific website as they have altered all reports as part of a cover-up. Now, do you trust PLDT whose shares you are trading as ADRs when the Philippine Stock Exchange and Philippine SEC as well as PLDT and Metro Pacific Chairman Manuel Pangilinan and a do nothing Board whom have no ethics and may make it appear as they are doing well but have to continue to buy their own stock to stay afloat. This is why I would SELL all shares of PLDT as fraud and former VP & Corporate Governance Compliance Officer is still living large with his household staff, driver, and Bel-Air Village compound. Until the Philippine SEC follows the rules and Nugent is jailed per the exchange following arraignment on crimes that carry a minimum 5 year, P1 million count per charge (which is about US$60,000) which in looking at the law could land him in prison for a minimum of 120 years and fines of P200 million, which would be a start. In my opinion as Manuel Velez Pangilinan through the Indonesian Salim/Liem investors votes the proxies and basically controls PLDT, he must resign as Chairman of the Governance and Nomination Committees of PLDT and have truly independent men or women from the U.S. whom have no need for money or are dependent on the Philippines or China (including Hong Kong) for investments, a man like former CEO Gerald Grinstein of Delta Air Lines or someone whom like Pangilinan is a graduate of The Wharton School, whom have been praised for speaking up against what is popular to tell the truth, PLDT's value is unknown and I would stay away from PLDT and the Philippine market that is traded on the NYSE. The dividend is paid by taking money from First Pacific Company (HKEx: 00142) (ADR: FPAFY) and other holding companies to make the world believe in PLDT.