The Philippine Coast Guard reported on Saturday that oil has begun leaking from the MT Terra Nova, a tanker that sank in Manila Bay carrying 1.4 million liters of industrial oil.

The vessel went down on Thursday amidst heavy rainfall affecting Manila and surrounding regions. The incident resulted in the death of one crew member.

Divers inspecting the wreck have found a "minor" oil leak from the ship's valves, according to Admiral Armando Balilo, the Coast Guard spokesman. 

Balilo reassured that the situation is "not alarming at this point," noting that the amount of oil leaking is currently small.

"We hope to begin the process of extracting the oil from the tanker as early as tomorrow," Balilo said.