The rescued passengers were brought ashore by other ships, and the Philippine authorities said they hoped some of those still missing had been rescued by a fleet of fishing vessels and small boats that also came to the stricken ferry's aid.

The “SuperFerry 9” was carrying more than 960 passengers and crew when it set off from General Santos City, on the southern island of Mindanao, for the central city of Iloilo.

The ferry was also carrying 200,000 litres of industrial fuel oil, 80,000 litres of automotive diesel oil, and 10,000 litres of lubricating oil when it departed Manila for Iloilo and General Santos City.

Officials said they would investigate the cause of the ferry's sinking, but a report from the government's disaster coordinating council said the incident may have been caused by a hole in the ferry's hull.

Last year, more than 800 people were killed when the Princess of the Stars ferry capsized during a typhoon. In the country's worst maritime disaster, more than 4,000 people were killed when a ferry collided with an oil tanker in 1987.