MANILA, Philippines -- Sulpicio Lines Inc. (SLI) has agreed to a proposal to re-float its ill-fated ferry, MV Princess of the Stars, a lawyer for the shipping firm confirmed Wednesday.

SLI legal counsel Ma. Victoria Lim-Florido said they are discussing whether to recover all cargo first before re-floating the vessel.

The vessel was bound for Cebu with more than 800 passengers and crew when it capsized and sank off the coast of Romblon on June 21 during the onslaught of typhoon "Frank" (international codename: Fengshen).

Earlier reports quoted Transportation undersecretary Ma. Elena Bautista as saying the 23,000-gross ton vessel would be raised to facilitate the recovery of bodies trapped inside the ship.

The process would take two to three months, Bautista said in a radio interview.

Bautista heads Task Force Princess Star, the team formed by the Department of Transportation and Communication to conduct search and retrieval operations.

Recovery operations have been halted since last June 27 after it was learned that the vessel was carrying the highly toxic pesticide endosulfan.

Florido said SLI has already "enlisted" the help of two experts from Hong Kong and China "to see how best to re-float the vessel."

"There are a lot of factors to be looked into," she said, explaining they want to ensure the vessel can be raised with the least possible damage.

In an interview on Tuesday, Florido cited environmental damage, divers' safety, and legal considerations as among the concerns the company was looking at in coming up with a decision to raise the sunken ferry.