Nicodemo Yntong dived into the cave last Friday in search of a Buddha statue believed to have been buried by Japanese soldiers during the war, district official Editho Montecalvo said.
Yntong’s brother and a friend had accompanied him to the site, but decided not to follow him into the cave.
Yntong failed to return and his body was found floating last Wednesday, five days after the incident and after rescuers had given up hope of finding him alive.
Local legend is rife with stories of Japanese World War II stragglers burying stashes of gold, statues and jewels across the country.
There is no historical confirmation of the loot, but the late dictator Ferdinand Marcos once claimed to have found a golden Buddha statue to explain his enormous wealth to the public.