Experts from the country's seismology agency said the 'quake struck off the coast of the Mindanao region, with buildings damaged across the area.
Images from the country show injured people being rushed to hospital, with at least two people now confirmed to be dead, the Mirror reported.
President Ferdinand Marcos Jr said earlier this morning the potential damage was being assessed.
He added the search and rescue mission in the country would begin as soon as it is safe to do so.
Besides the damage to both individuals and buildings, the latest reports have highlighted a chemical spill was triggered at a college in Davao City.
Men from the Bureau of Fire Protection (BFP) Special Rescue Force (SRF) in protective gear have been snapped walking to try and prevent any more damage on the sixth floor of San Pedro College.
The Philippines' volcanic agency has also come forward to urge Filipinos "not to feel fearful" in light of the earthquake.
Dr Teresito Bacolol said: "We understand that Filipinos are now experiencing disaster fatigues from typhoons, volcanic minor eruptions and earthquakes. We asked them not to feel fearful," he said.
"We have to prepare ourselves. We have to accept our reality that the Philippines is part of the Pacific Ring of Fire - that every now and then we will be jolted by earthquakes, volcanic eruptions and tsunamis. Instead of panicking, we have to prepare."
A tsunami warning was put in place earlier, but it has since been lifted as specialists believe the threat has passed.
News of this strong earthquake comes only one week after a 6.9 magnitude earthquake in the Philippines killed at lest 72 people and injured more than 200.
A search and rescue programme was exercised at the time to look for survivors and those who may have tragically passed.
Comment: The USGS reported an aftershock of magnitude 6.7 about 10 hours later.