The fire broke out on Wednesday evening, when the ferry was about 2.2 kilometres off the coast in the tourist-rich province of Palawan. According to the coast guard, five people have died and 43 survivors have been brought ashore.
A survivor said an explosion was heard from the cargo hold.
"After that, smoke and fire appeared. According to the testimony, it escalated quickly. After a few seconds, the fire began to spread," says Noemie Cayabyab, a spokesperson for the Coast Guard.
The ferry was en route from the capital, Manila, to the town of Coron. It could not be searched due to the fire, but 134 passengers and crew members were reportedly on board.
"Most of the people we rescued were those who had swum away from the ship," says Noemie Cayabyab.
The rescue operation is reportedly ongoing. After almost a day, relatives are still waiting for updates on missing people.
Video clips from the scene show the ferry partially engulfed in flames.
