A yacht carrying two Britons, an American, a Canadian and a Filipino has gone missing while sailing from Hong Kong to the Philippines at about the time a storm was lashing the region last week, the Philippine coast guard said.

Philippine and Hong Kong authorities have dispatched search planes and ships have been alerted, but the yacht Europa has not been found in the South China Sea area where it last emitted a distress signal, Philippine coast guard spokesman Cmdr Armand Balilo said.

The British embassy in Manila confirmed that two of its nationals were on board the yacht.

"We are liaising urgently with the local authorities concerning search and rescue operations and providing support to the families," it said in a statement.

The 18.2-metre (60ft) yacht left Hong Kong on Thursday and was supposed to arrive in Subic Bay, north west of Manila, no later than Monday.

An emergency position-indicating radio beacon on the boat was activated on Saturday, indicating the vessel was experiencing difficulties, the Royal Hong Kong Yacht Club said in a statement.

Hong Kong's Maritime Rescue Co-ordination Centre dispatched a search plane and passing ships were asked to be on the lookout.

"No yacht, life raft or debris was detected," the club said.