At the site of the accident (Photo source: VNA/Xinhua)

Hanoi – As many as 26 people have been found dead after an overloaded passenger boat capsized in a Philippine lake, while the search continues for those still missing, the Philippine coast guard said on July 28.

Coast guard spokesman Rear Admiral Armando Balilo said they are now conducting a "search and retrieval" operation.

"The captain had said there were only 22 passengers but he later admitted under questioning by the coast guard that he let many more passengers on board," Balilo said.

The wooden outrigger was carrying about 70 people on its regular run from a port in Binangonan municipality to the island of Talim in Laguna lake, near the capital Manila, on July 27 when the accident happened. The boat's maximum capacity was 42.

According to official figures released on July 27, 40 people have been rescued, and three others are still missing. Later that evening, authorities towed the ship close to the shore.

Investigations are underway to determine the cause of the accident.