The quake hit off the eastern coast of Mindanao Island at 9:43 a.m. local time (0143 GMT), at a depth of 58.1 kilometers (36 miles), the US Geological Survey said.
The Philippine Institute of Volcanology and Seismology (Phivolcs) initially recorded the quake at magnitude 7.6 but later revised it to 7.5.
Phivolcs issued a tsunami warning for eastern and southern coastal areas, urging residents to remain alert for possible waves.
Local outlet Inquirer reported at least one fatality in the Mindanao region.
Following the tremor, the Davao City government suspended all classes in both public and private schools to assess potential infrastructure damage.
Separately, a 6.0 magnitude earthquake struck 144 kilometers (89 miles) south-southeast of Lorengau in Papua New Guinea’s Manus province at 0208 GMT, at a depth of 10 kilometers (6.2 miles), according to the US Geological Survey.