At least 48 people survived the mishap but rescuers said some may still be missing after the boats crashed in shallow waters just off the island of Bantayan, some 570 kilometers southeast of Manila, said Cebu Coast Guard operations officer Jaime Sagario.
He said the fishing boat was not damaged but the collision sunk the passenger boat which had a capacity of 40 people and was likely overloaded.
The mishap occurred at the entrance of Hagnaya Channel off San Remigio in Cebu. The passenger vessel, MV Island Express V, was en route to the Hagnaya pier from Sta. Fe on Bantayan Island.
Sagario said officials were not immediately certain that all passengers were accounted for. Reports said the MV Island Express V was carrying 166 passengers.
"We hopefully have everybody already," he said.
Vice Admiral Reuben Lista, Coast Guard commandant, has ordered rescue operations to continue as investigation into the collision gets underway.
Sagario said all the injured were transferred to a nearby hospital and are in good condition.
Five of the fatalities were identified as Nilo Mercado, 41; Santos Aranger, 72; Carmencita Batido, 40; Patorisa Baltazar, 72; and Luisa Lucaylucay, 60.
Sagario said the passenger boat was a service boat of the MV Island Express ferry which anchored off shore. The service boat was used to transfer the passengers to Bantayan Island through waters too shallow for the mother ship, Sagario said.
He said authorities are still investigating the cause of the collision.
Ferries, often old and rickety, are the main form of transportation in this nation of more than 7,000 islands, and overcrowding and accidents are common. – Jaime Laude and Nestor Etolle