Philippine National Police Maritime Command deputy chief Superintendent Leo Felicilda said investigators placed the estimated damage to the FB Unity Hope at P1.5 million.
The vessel is owned by Jerry Dee of the Unity Fishing Corporation (UFC).
Neglect by the working crew was blamed for the fire, the investigation showed.
Felicilda said the 17 crew members of the heavily damaged vessel, led by skipper Alfred Dimayuga of Bataan, have all been accounted for. No one was reported hurt.
The official said the boat, berthed at Pier 5, had just unloaded its cargo and the crew were doing routine repairs and maintenance work when the fire broke out at around 1:30 p.m. Friday.
He said flammable materials were ignited by sparks from a welding job on the prow.
Dimayuga ordered his men to throw the flammable materials overboard and abandon ship. – Jerry Botial