Article published on the 2008-06-24 Latest update 2008-06-24 10:32 TU
Rescuers said on Tuesday that there are "many dead" inside the ferry, which is entirely submerged apart from the tip of its overturned hull.
Philippine civil defence chief Anthony Golez said 57 of the more than 850 people on board survived the sinking. Local officials on nearby islands have reported dozens of survivors being found but coastguards say they cannot confirm the claims.
At a press conference on Sibyuan island, the country's Vice-President Noli de Castro said he was "still hopeful", speculating that survivors might have survived in an air pocket.
But he said that rescue efforts are complicated by oil in the ferry's tanks, which might spill. Siphoning the oil out might lead the vessel to tilt or turn over, de' Castro said.
In the capital, Manila, Lieutenant Colonel Edgardo Arevalo said that bringing the bodies out may prove difficult.
"What complicates our problem is how to extricate the bodies. One of the ways they are thinking about is to weigh them down so they can take them out from the bottom of the ship. Another option is to cut the hull," he said.
The sinking has aroused controversy over safety for ferries which are widely used in the Philippines. The government on Monday banned on vessels by Sulpicio Lines, which owns the Princess of the Stars, from leaving port.
"We really have to modernise, our average age of the ships is about 28-years-old," Transportation and Communication Secretary Leandro Mendoza said on Tuesday.