One of the two victims had a pulse when he was retrieved, but later died, Maria Leah Sajili, information officer at the regional Bureau of Fire Protection, said in a phone interview, while another suffered cardiac arrest while still trapped.
Officials said an investigation is now underway into what caused the collapse of the multi-storey building in the city of Angeles, north of the capital, Manila.
Rescuers were also working to retrieve another body buried under the debris, Sajili said, but it would only be added to the official toll once it has been recovered.
Planning records showed the building that collapsed was intended as a nine-storey condo-hotel under the approved permit, but that a swimming pool was being constructed on an additional 10th floor, authorities said.
Angeles City Mayor Carmelo Lazatin told reporters that authorities were trying to locate the building owner to get answers, including clarity on the number of workers at the site.
By Jay Ereno and Lorenzo Lesaba