The body of Joan Crisostomo was covered in mud when it was pulled out of the river. Those injured were rushed to different hospitals for leg fractures and first-degree burns.
Police said the steel cable holding the hanging bridge gave way due to the weight of the onlookers, sending them 20 feet down into the river.
The bridges collapse also cut off electric cables, electrocuting some of the victims.
The hanging bridge, about 50 meters long, connected Barangay Wawa to the towns public market.
Rescue operations were still ongoing for people who could have drowned in the river.
The banca race is an annual event marking the town fiesta. Non Alquitran