ILOILO CITY, Philippines -- A cargo ship hauling 5,000 metric tons of coal that sank early Saturday morning off the coast of Carles, Iloilo, at the height of typhoon "Frank" (international codename: Fengshen), was located by divers of the Philippine Coast Guard (PCG) on Tuesday.

Coast Guard divers found the sunken ship between Punta Carles and Sitio Luyo, four kilometers from the coast of Carles, Tuesday morning, said the PCG and Presidential Assistant for Western Visayas Raul Banias.

Five crewmembers of the MV Lake Paoay died while three others were rescued in Masbate, Commodore William Melad, PCG Western Visayas district commander, told the Philippine Daily Inquirer (parent company of INQUIRER.net) in a telephone interview on Tuesday.

The Lake Paoay, operated by the Semirara Mining Company, left Semirara Island in Antique for Toledo City, Cebu last Thursday.

The 2,335-ton ship was transporting coal from Semirara to a coal-fired power plant in Toledo City when it sank around 4 a.m. Saturday.

Melad said they received a report that the ship was missing only on Sunday.

The survivors and the remains of the fatalities will be picked up by plane from Masbate by the ship's owner.

Meanwhile, the Coast Guard has been searching for three missing crewmembers of the cargo vessel MV Ocean Papa, which sank off the coast of Culasi, Antique at noon Saturday.

Melad said that 24 of Ocean Papa's crewmembers were rescued but another crewmember was reported dead.