A magnitude-7.4 earthquake has struck the Mindanao region in the Philippines, sparking a tsunami warning for potentially hazardous waves, according to seismology authorities.

The quake hit at a depth of 62 kilometres below ground-level, the European-Mediterranean Seismological Centre (EMSC) said on Friday.

The Philippine seismology chief Teresito Bacolcol said his agency would issue a tsunami warning after the quake, which struck about 20 kilometres away from the town of Manay at 9:43am local time (11:43am AEST).

One-metre waves were forecast on the country's Pacific coast over the next two hours, the Philippine seismology office said.

It also urged residents in coastal areas in the affected zone "to immediately evacuate to higher grounds or move farther inland".

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