700 missing after ferry capsizes in Philippines

MANILA, Philippines (CNN) - A ferry carrying more than 700 people capsized near the central Philippine island of Sibuyan, and only three survivors have been found, according to a Philippines Coast Guard official. The bodies of four dead have been found floating in the waters, a Coast Guard official said.

The crew of the MV Princess of Stars reported Saturday that it ran aground after its engine failed during its regular run between Manila and Cebu City, according to Vice Adm. Wilfredo Tamayo.

Radio contact with the ship was lost Saturday afternoon, Coast Guard Lt. Cdr. Armando Balilo said.

The effort to reach the ferry has been slowed by rough seas stirred up by Typhoon Fengshen, made landfall in the eastern Philippines early Saturday (late Friday ET).