(UPDATED) 55 confirmed dead in Cebu ship collision

MANILA, Philippines - A total of 55 people have been confirmed killed in the collision between a cargo vessel and a ferry in waters off Talisay City in Cebu on Friday night last week, the Philippine Coast Guard (PCG) reported Monday afternoon.

The PCG said that as of 3:45 p.m., a total of 55 bodies have been recovered during search and rescue operations.

It said 65 more passengers remained missing and 750 passengers were rescued alive.

The M/V St. Thomas Aquinas 1 of 2Go Shipping sank on Friday night after colliding with the Sulpicio Express Siete outside a major port in Talisay.

A new official statement from the shipping company said the company is also addressing and containing the oil spill coming from the sunken vessel by flying in global oil spill experts to professionally handle the situation in the Lawis Ledge in Talisay.

"2GO is taking this pro-active stance to ensure that the St. Thomas Aquinas' sinking will not aggravate in any way the marine ecosystem of Talisay and other water bodies in Cebu," the company assured.

The company said the ferry had 20,000 liters of diesel fuel and 120,000 liters of bunker or crude fuel in its fuel tank and 20,000 liters of lube oil that were being used by the engines when it was running.

The company has also started providing financial assistance to the victims.

A Board of Marine Inquiry has been formed to investigate the collision. The board is composed of five members from the PCG, one from the Maritime Industry Authority, one from the Philippine Ports Authority, a ship captain from a private sector and a marine engineer.