The Philippine Coast Guard has confirmed five deaths while 252 passengers including an Australian and his Filipina wife, were rescued, said spokesman Captain Armand Balilo.

"All the passengers and crew are accounted for but as I have said we will re-evaluate based on the claims of the families of the missing passengers," Balilo told Reuters. The vessel was carrying 257 passengers and crew.

The boat left the port around 9 a.m. and capsized an hour later due to strong winds and giant waves. A survivor said the passengers panicked when the boat started to take in water and went to one side, causing the ferry to tilt and capsize.

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