Why is that? Because the Philippine ferry disaster wasn't the same as the Titanic for many reasons. The ferry was already in use and had been running for years. It wasn't on a much-heralded maiden voyage. And ferry disasters in the philippines are not unusual. Sorry, but that's a fact. The Titanic was reputed to be 'unsinkable' and much ballyhooed. Everyone knows the ferry boats can and do sink. So there isn't the element of surprise in sinking a Philippine ferry boat - or an Indonesian ferry boat, or a ferry boat in India etc. News is based on the premise that something unusual, unexpected or unexplicable, is more interesting than something that has happened previously.
That doesn't mean the friends and families of the 700 people on that capsized ferry aren't just as saddened and stricken as the friends and families of the Titanic victims were, but it doesn't have the same shock value. And that's why it gets relegated to the back pages of the newspapers or the 'world roundup' section of the local newscast.