looks like its not lost after all... broken engine only & be towed to the nearest port....
article from philstar http://www.philstar.com/Article.aspx?ArticleId=424881&publicationSubCategoryId=63
....The Coast Guard, meanwhile, located one of its rescue vessels that lost radio contact in rough seas off Antique province yesterday while on its way to help survivors of a sunken cargo ship.
A helicopter and other rescue ships found the Coast Guard vessel SARV 3504 with its engine broken several kilometers off Sibay island near the tourist resort of Boracay, coast guard spokesman Lt. Gary Dale Gimotea said.
Radio contact was lost but crewmembers used their cell phones to call in their coordinates. Tamayo added a helicopter was used to rescue nine of the Coast Guard personnel from SARV.
While four personnel remained on the ship, Tamayo said the vessel would be towed to the nearest port.
They were responding to a distress call Tuesday by a cargo vessel loaded with cement that sank off Caluya island in Antique, killing crewmember Alex Tambasin, the vessel’s chief engineer, Gimotea said.
The remaining 19 crew of MV Ma. Lourdes were rescued by a passing vessel and brought to Caluya, he said.
Rough waves were reported at the time of the sinking, officials said.
The Coast Guard also warned of possible oil spill in the wreckage area.
Coast Guard Iloilo chief Commander Harold Jarder said they are monitoring the possibility of diesel fuel leaking from Lourdes and contaminating the coastal areas of Western Visayas.
“Two years ago, we had to deal with the country’s worst oil spill in Guimaras,” Jarder pointed out.
The Coast Guard also rescued eight fishermen after their boat drifted and sank off Atimonan, Quezon last week.
The rescue came after the owner of the fishing boat Arnel Manaog informed the Coast Guard of the missing vessel with eight crew on board. – With Rainier Allan Ronda, Evelyn Macairan, Ronilo Ladrino Pamonag, Marvin Sy. Arnell Ozaeta, AP