President Park Geun-hye pledged Monday to actively consider the recovery of a ferry that sank off the southwest coast last year, killing more than 300 people aboard.

On April 16, the 6,825-ton ferry Sewol sank, leaving 295 people dead and nine others unaccounted for. The bereaved families accuse the government of covering up the truth behind the tragedy. Most of the victims were high school students on a field trip to the southern resort island of Jeju.

With the tragedy's first anniversary just days away, family members of the victims have held rallies in downtown Seoul, demanding the government raise the submerged ship and determine the truth behind the disaster before discussing compensation measures for the families. Critics have argued that the government's bungled initial response to the disaster contributed to the high death toll.

"I express my deep condolences to the families of the missing and the bereaved families who have lived with pain in their hearts," Park said during a meeting with her senior secretaries at her office, Cheong Wa Dae.

She said a technical review is under way to determine whether the ship can be salvaged.

"If a conclusion is reached that (the ship's) recovery is technically feasible, (we) will gather the opinions of the families of the missing and experts, as well as public opinion and actively consider raising the hull."

The recovery process has been estimated to cost 620 billion won ($560 million).

The government officially terminated the search for the missing in early November, citing inclement weather and safety risks for divers. (Yonhap)