The wooden-hulled ferry was carrying 73 people on a journey from Manila to southwest Mindoro Island, but it was not clear how many were in the fishing boat, which sank shortly after the accident, Balilo said.
The cause of the collision at a time when millions of Filipinos were heading to their home provinces ahead of Christmas Eve was not clear. No weather disturbances were reported in the area.
Sea accidents are common in the archipelago due to tropical storms, badly maintained boats and weak enforcement of safety regulations.
Last year, a ferry overturned after sailing toward a powerful typhoon in the central Philippines, killing more than 800 people on board.
In December 1987, the ferry Dona Paz sank after colliding with a fuel tanker, killing more than 4,341 people in the world´s worst peacetime maritime disaster.
Indonesian fishing boat sinks off Borneo, over 30 missing: medi...