Coek Ho Lee was part of a three-man group of South Koreans who went diving at the Villa del Mar beach resort.
Coeks companion, Young Sun Choi, returned without him and Dong Yun Kim two hours later and alerted the resort employees about the incident.
Dong was rescued yesterday morning in Sawit, a fishing village in Burgos town, about 25 kilometers south of Pagudpud.
A search was continuing for Coek, the civil defense office and local officials said.
Taking part in the mission were joint elements of the provincial governments public safety department, the local police and the Air Forces 5,056th Search and Rescue Squadron based at the Laoag International Airport. Teddy Molina, Jaime Laude and AFP