The huge tremor struck the island of Mindanao on Saturday at a depth of 20 miles at about 10.37 pm local time.
The quake took place about 13 miles northeast of Hinatuan.
The Pacific Tsunami Warning Center said based on the magnitude and location it expected tsunami waves to hit the southern Philippines and parts of Indonesia, Palau and Malaysia.
Tsunami waves could hit the Philippines by midnight local time (4pm GMT) and could carry on for hours, the Philippine Seismology Agency PHIVOLCS said.
It comes as Japan also issued a tsunami warning for its Pacific coast.
The country anticipates a 3.2ft wave will hit the country as early as 1.30am local time, public broadcaster NHK announced.
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