The storm passed directly over Romblon as a Category 2 typhoon, leading to the capsizing of the vessel; 814 people died as a result of the disaster.

The common areas were enlarged and modernized, corridors with sea views were added, as well as 23 new 1st class cabins, a solarium and an outdoor swimming pool at the rear.

This was lower compared to Sulpicio Lines' previous generation of ferries, such as MV Princess of the Orient, which had a capacity of more than 3,000 people at the time of her own sinking.

[3] The mayor of San Fernando, Nanette Tansingco, sent a speedboat and confirmed that the ferry had a hole in the hull and was partially submerged, and that several bodies had been found nearby.

[11] According to the last made official figures (final toll) there were 814 dead and missing and 56 known survivors, making a grand total of 870 people on board.

[12] According to an account given by four survivors, who managed to swim to nearby Sibuyan Island, Princess of the Stars had not malfunctioned (as had been previously reported), but ran into rough seas off the coast of Romblon.

[17] The Philippine Coast Guard reported on June 24, 2008, that it accounted for 115 (48 survivors, 67 confirmed dead, 747 missing) of the 862 passengers and crew of Princess of the Stars.

[19] A helicopter from a U.S. military ship, the USNS Stockham, found 12 bodies floating near Masbate island, but it was not clear if they were from the Princess of the Stars.

The victims' families accused Sulpicio Lines and the Philippine Coast Guard of negligence in allowing the ship to get underway despite the bad weather.

[23] The Philippine government announced that they were considering filing charges, as it is illegal to transport dangerous goods aboard passenger vessels in the country.

[28] The NBI's Doctor Bautista said, thereafter, that DNA matching, assisted and funded by Interpol, would be done in the International Commission on Missing Persons laboratory in Sarajevo, Bosnia.

[29] A further 47 sets of human remains were recovered, and turned over to the National Bureau of Investigation and the Public Attorney's Office for forensic testing.

[30] The five-member Philippines Board of Marine Inquiry, in its 65-page report dated August 25, 2008, submitted to the Maritime Industry Authority or Marina, found Sulpicio Lines and its captain liable for the tragedy.

The BMI recommended that Marina "consider the suspension of the Certificate of Public Convenience (CPC) of Sulpicio Lines in accordance with existing laws, rules and regulations (and its criminal liability for the sinking)."

The final report blamed human error, and ruled that the ship's missing and presumed dead captain, Florencio Marimon, "miscalculated" the risk of continuing the trip to Cebu despite the stormy weather.

The shipping firm is found negligent for its failure to exercise its duty in ensuring that they transport passengers and cargo safely to (their) destination.

Some commentators – such as Robert Go, former president of the Cebu Chamber of Commerce and Industry – argued that suspending Sulpicio's activities would cause significant disruption to the country's economy over the Christmas season.

[32] The Court of Appeals, in a 237-page landmark decision dated June 28, 2024, written by Justice Wilhelmina Jorge-Wagan, held that Philippine Span Asia Carrier Corporation formerly Sulpicio Lines, Inc. was guilty of gross negligence and consequently liable for the deaths of 814 passengers and 500 missing in the 2008 MV Princess of the Stars' shipwreck.

In upholding the Manila Regional Trial Court Branch 49's judgment, the CA ordered PSACC owners Enrique Go, Eusebio Go, Carlos Go, Victoriano Go, Dominador Go, Ricardo Go, Edward Go and Edgar Go, to pay a total of P129,854,502.57 damages to the victims' heirs, survivors, families and relatives, represented by counsel Persida Acosta.

[34] The United States donated US$100,000 for the victims through the Philippine Red Cross, and sent the USNS GYSGT Fred W. Stockham and a P-3 Orion maritime surveillance aircraft to contribute to the rescue.