I first heard a portion of this news report in tonight's TV Patrol. A friend of Dennis Trillo, identified by the Manila Bulletin as Jolly Bee Bordajo, died while they were swimming in Boracay together with Maxine Eigenmann. Dennis reportedly tried to rescue his friend but strong waves lashed at them preventing him from doing so.
This is the GMA News report by Nelson Canlas. In his report, Nelson refers to Dennis' friend as "JB."