It was centred about 38 miles (62 km) southeast of Manay town, in the Mindanao region, at a depth of 14 miles (22km)
People in coastal areas nearby were urged to go inland or move to higher ground.
The Pacific Tsunami Warning Centre initially said waves of up to 3m (10ft) were possible within about 186 miles (300 km), but it has now stood down the warning for the Philippines.
Warnings from other agencies remain in place.
Civil defence official Raffy Alejandro said on Facebook that at least one person had been killed, while another official in Manay said there were reports of damage to homes and bridges.
Philippine President Ferdinand Marcos said authorities were assessing the situation on the ground.
“Search, rescue, and relief operations are already being prepared and will be deployed as soon as it is safe to do so,” he said.
“We are working round the clock to ensure that help reaches everyone who needs it. Let us continue to look out for one another and pray for the safety of all our countrymen,” the president added.
Read more from Sky News:
Israeli cabinet ratifies first phase of peace plan
King and Prince William step out for rare joint event
The quake is among the strongest to hit the Pacific “Ring of Fire” in recent years, an areas that has more than 800 quakes annually.
The Philippines is still recovering from a 6.9-magnitude earthquake on 30 September, its deadliest in more than a decade, which killed at least 74 people and displaced thousands, mainly in Cebu province.
The archipelago is also hit by around 20 typhoons and storms annually, making disaster preparedness a major national priority.
