Sixty-one other fishermen were rescued by a 20-man team of volunteers and scuba divers which the Coast Guard dispatched to San Miguel Bay.
The survivors had sought refuge on a islet called Calaguas off Vinzons town.
Romeo Fria, operations center chief of the Coast Guard here, said the body of Ernesto Vargas was retrieved off Mercedes town.
The Coast Guard launched the search and rescue operation after getting word that the fishermen failed to return home Monday.
Fria quoted the survivors as saying that the sea was calm when they went off fishing.
"But the waves suddenly turned very rough when we were already far from the shoreline and were about to cast our nets," he quoted one as saying.