Lerma, who works in construction, is from Leyte province. He had travelled to the capital Manila with five of his neighbours, where they boarded the ferry to bring them to work at Coron, a popular tourist spot in Palawan province.
According to the Philippine Coast Guard, the MV June Aster departed Manila's Port of Baseco on Tuesday night at 20:13 local time (12:13 GMT) and was scheduled to arrive at the Coron port at 18:00 on Wednesday.
But the ferry caught fire just 1.2 nautical miles (2.2km) off the coast of Coron's Marcilla village.
The fire was first reported at 18:45 local time on Wednesday night by a staff member of Atienza Shipping Lines, which owns the boat, the Coast Guard said.
The company said in a statement on Thursday that it was co-operating fully with authorities and expressed "profound sadness" about the fire.
Authorities say a survivor had told them the flames had started in the cargo hold after a loud explosion.
The ship had been carrying several motorcycles, an electric car, a forklift, a pick-up van and other goods, the Philippine Coast Guard said.
As the journey was expected to take more than 20 hours, passengers had slept on bunk beds onboard overnight.
Lerma said that two Chileans - a couple who looked like they were in their late 20s or early 30s - had slept in the beds next to his.
Authorities have since confirmed that two Chilean nationals were among the 43 people rescued.
Lerma and two of his neighbours are now in a hospital in Coron. Another person in their group has been taken to a bigger hospital in the neighbouring island of Culion, while two others remain missing, Lerma says.
"I have a couple of bruises and my chest is still hurting," Lerma said. "Last night, I had a hard time breathing. But I am okay now."
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