Australian, wife rescued after five killed in ferry tragedy

An Australian and his Filipina wife are among 252 passengers and crew rescued after a ferry capsized east of Manila, killing at least five people.

The Philippine vessel capsized on Thursday because of bad weather, highlighting frequent boat accidents in the Southeast Asian nation that is composed of more than 7000 islands.

The Philippine Coast Guard confirmed the five deaths and the rescue of 252 passengers including the Australian and his wife.

Captain Armand Balilo said all the passengers and crew were accounted for but authorities would "re-evaluate based on the claims of the families of the missing passengers".

The boat left the port around 9am 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.