Commission File Number: 001-10579

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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

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Items

1. Press Release regarding the approval from the Chilean General Comptroller of the Tariff Decree No. 169, dated February 11, 2005.

For more Information Contact:

Sofía Chellew - Verónica Gaete

M.José Rodríguez - Florencia Acosta

Telefónica CTC Chile

Tel: 562-691-3867

Fax: 562-691-2392

E-mail:

Kevin Kirkeby

The Global Consulting Group

Tel: 646-284-9416

Santiago, Chile - February 11, 2005 - Compañía de Telecomunicaciones de Chile S.A. (NYSE: CTC) ("Telefónica CTC Chile" or the "Company") announces that Tariff Decree No. 169 which regulates the Company's public local telephone service tariffs, was published in the Official Gazette, and was approved today by the Ministry of Economy, and the Ministry of Transport and Telecommunications, for the period between May 6, 2004 and May 6, 2009. Consequently, new tariffs for the regulated services are now official.

The variations between average tariffs established in Tariff Decree No. 169 vs. those in Tariff Decree No. 187, are as follows:

The decree also considers 7 tariff areas, 3 time slots, changes in the composition of the tariff indexator and a new prepaid tariff.

As a consequence of the aforementioned, the application of the new local telephone tariffs defined by Tariff Decree No.169 to the real traffics generated between May 2004 and January 2005, results in a minor impact in the financial statements of Telefónica CTC Chile of 0% to 1% increase in consolidated regulated revenues.

On May 4, 2004, Subtel submitted decree No.169, resubmitting it with modifications to the Chilean General Comptroller in September and December, 2004. The Company provisioned the tariffs of the new Tariff Decree N169 and its modifications in its 2004 financial statements.

According to Chilean Law, these new tariffs will be retroactive from May 6, 2004 and therefore Telefónica CTC Chile will traspass to its clients, any differences, readjusted accordingly, between amounts effectively invoiced and those which result from the new decree.

This will result in a reduction or a charge to clients, depending on their consumption and the corresponding tariff area. In the case that the difference results in favor of the client, the full amount will be credited to the client in their telephone bill of May or June, 2005. If the difference results in a charge, this amount will be charged in 9 monthly installments as of the telephone bill of May or June, 2005 (equivalent to the period between May 2004 and the date of publication of the tariff decree).

Considering that the new tariff decree does not provide additional incentives for the expansion of the fixed line network, necessary for an adequate development of the industry, Telefónica CTC Chile does not expect to modify capital investment plan for this business segment.

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 14, 2005

COMPAÑÍA DE TELECOMUNICACIONES DE CHILE S.A.

Name: Julio Covarrubias F.

Title: Chief Financial Officer