It may be paid like a bond, twice a year. This is PHI's description of the bond:
SECURITY DESCRIPTION: Philippine Long Distance Telephone Co., US$3.50 Series III Convertible Preferred Stock, reference amount $50 per share, liquidation preference Philippine $11.00. Cumulative cash dividends of US$3.50 per annum. Each ADR represents one share of the preferred stock. The preferred shares are convertible at any time at the option of the holder into 1.7129 shares of common stock (a conversion price of US$29.19 per common share for each preferred share).
The dividend may have been adjusted in USA for currency change, since it is now over 4.00 Because of decrease in capital expenditure, the company has much increased its cash on hand.