Philippine Long Distance Telephone (PLDT) - the Philippine telecommunications flagship of Hong Kong-based conglomerate First Pacific - has pledged to invest two billion pesos (about HK$396.8 million) to help recapitalise mobile-phone subsidiary Pilipino Telephone Corp (Piltel), reports from Manila say. Manuel Pangilinan, First Pacific managing director and PLDT president, yesterday said Piltel had not come to agreement with its creditors on restructuring its 34.9 billion pesos of debt. 'The ball is in their court,' he was quoted as saying. Piltel presented various proposals to its creditors - including Metropolitan Bank and Trust, Chase Manhattan, HSBC, Deutsche Bank, Bank of America, Citibank Far East Bank and Trust and Philippine Commercial International Bank - on Friday for rescheduling debt repayments and rehabilitating Piltel. First Pacific acquired a 17.2 per cent controlling interest in PLDT in November in a 29.7 billion peso deal. But the reports quoted sources within the creditor banks as saying PLDT's pledge was too small to bring Piltel back on to strong financial footing. Creditor banks were insisting the recapitalisation should not be less than the four billion pesos invested in Piltel by PLDT last year, one source said. Piltel yesterday said it would report a substantial loss for last year when it releases its results next month.