At least 18 people have died after a ferry carrying more than 350 passengers and crew members onboard sank in the waters off Philippines' southern coast.

Search crews have rescued 317 people on board the MV Trisha Kerstin 3, but at least 24 people are still missing, according to the Philippine Coast Guard.

The ship, both a cargo and passenger ferry, was on its way from the southern island of Mindanao to Jolo island when it issued a distress call at 1:50 local time Monday (17:50 GMT Sunday).

Authorities say they are investigating the cause of the sinking. The Philippines - an archipelago nation of 7,100 islands - has a long history of maritime disasters involving inter-island ferries.

Based on the account of some survivors, the waters in the area were rough at the time, Philippine Coast Guard spokeswoman Noemie Cayabyab said in a televised interview.

A video shared by the disaster management office in the southwestern Bongao Municipality showed people wearing life vests floating in the water as they waited for rescuers.

Rescuers have been overwhelmed by the influx of survivors, with one emergency responder stating that they are short-staffed to manage the situation effectively.

Historically, poor maintenance and overloading have contributed to past ferry accidents in the Philippines, although many locals still rely on ferries for transportation due to their affordability.

In May 2023, a separate incident involved a ferry catching fire, resulting in 28 fatalities, including children. There is a pressing need for improved safety measures within the country's maritime transport sector to prevent future tragedies.