Thirty-one other passengers and crew were plucked out of the water, coastguard spokesman Armand Balilo told reporters.
Both vessels ply the short hop between the port city of Iloilo and the nearby island of Guimaras.
Four drown as boat capsizes near Haripur
The accidents happened at almost the same time, Balilo said. "The winds and the waves suddenly became strong," he added.
Seasonal southwest monsoons have churned up the seas on the western section of the Philippines over the past week.
The dead included six women, but their identities have not been established, said Balilo.
Philippine Red Cross posted pictures of the two vessels on social media, showing one turned upside down as rescuers swam nearby, while the other was almost completely sunk with just the bow above water.
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