An earthquake with a magnitude of 7.4 jolted the Philippines' Mindanao region on Friday, at a depth of 50 kilometers, according to the China Earthquake Networks Center (CENC).

The Philippine seismology office issued a tsunami warning after the powerful quake struck off the country’s southern island of Mindanao.

One-meter-high waves were forecast along the nation's Pacific coast within the next two hours, it said, and coastal residents in these areas are "strongly advised to immediately evacuate to higher grounds or move farther inland".

Indonesia's geophysics agency also issued a tsunami warning for the northern Sulawesi and Papua regions.