MANILA — A Chinese shipping company has agreed to pay the owner of fishing banca Ruel J for the loss and damage to the boat in an allision off Occidental Mindoro earlier this month, the Philippine Coast Guard said in a release.

The coast guard rescued 5 fishermen after MV Tai Hang 8 hit the stationary Ruel J on December 5. The fishing boat capsized and was left behind by the China-flagged bulk carrier.

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The banca owner and Taihang Shipping Company Limited reached an amicable settlement over the incident and the coast guard is already working with maritime services firm Pandiman Philippines, Inc. for an assessment of the damage to Ruel J.

"This collaborative effort between maritime authorities, local communities, and involved entities underscores a shared commitment to ensuring the safety of individuals during unforeseen incidents at sea," the coast guard said in a statement over the weekend.

The PCG earlier reached out to the Chinese government and tracked down MV Tai Hang 8, which was sailing to Indonesia when the allision happened.

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