The body of Bryan Smith was spotted in a deep ravine near a waterfall, Pampanga police director Ismael Rafanan said.
Earlier, Smith’s German companion, Siegfried Whitman, 78, was picked up by an Air Force helicopter.
Maj. Allan Fedellaga, the Air Force officer who led the search, said Whitman was limping from a bullet wound in the leg and that he told his rescuers that Smith was dead.
Whitman was rushed to the Angeles City Medical Center before he could answer further questions, Fedellaga said in this former US Air Base being used as a center for the rescue operations.
The two foreigners, long-time residents of this country, had set out to reach Pinatubo on rented motorcycles but had resorted to walking later as the terrain was too rough for the motorcycles, officials said.
While crossing a creek, they were ambushed and were separated.
Whitman sent mobile phone text messages informing a friend of the incident and prompting authorities to launch the search.
"We still have no theory on the identities of the ambushers," Fedellaga said.
Army spokesman Lt. Col. Jose Mabanta, however, said they suspect the ambushers were communist guerrillas.
"We have reasons to believe (the attackers) were (New People’s Army rebels)," he said.
Presidential Spokesman Rigoberto Tiglao also cited reports that rebels could be behind the ambush.
"We hope it is not the NPA because that would mean a very, very bad statement on their part, that they prey on unarmed Americans," he said.
In June last year, US Navy Lt. Scott Alan Washburn spent a night hiding on Mt. Pinatubo after he was separated from his group when they encountered communist rebels, who fired on their guards and seized some of their weapons. No one was injured.
Pinatubo’s huge crater has become a tourist draw after a 1991 eruption killed nearly 1,000 people.
The volcano was declared ecotourism destination of the year by the Pacific-Asia Travel Association and the Asia Tourism Forum this year. — Ding Cervantes, Ric Sapnu, Paolo Romero