A powerful 7.2-magnitude earthquake struck off the Davao Oriental province in the southern Philippine island of Mindanao on Saturday, the Philippine Institute of Volcanology and Seismology (Phivolcs) said.

The institute said the quake hit at 11:39 a.m. local time at a depth of 49 km.

The U.S. Geological Survey (USGS) measured the quake as being 7.0 magnitude.

The Pacific Tsunami Warning Center initially said "hazardous tsunami waves" were possible within 300 km of the epicenter," along the coasts of the Philippines, Indonesia and the Pacific island nation of Palau.

But about two hours after the quake struck, the center said there was no longer a tsunami threat.

Residents of the southern Philippines said the earthquake lasted about a minute and some people rushed out of their homes.

The Phivolcs said the tremor, which was tectonic in origin, is not expected to cause damage but major aftershocks may be expected.

The Philippines and Indonesia are both on the Pacific “Ring of Fire,” a horse-shoe shaped band of volcanoes and fault lines circling the edges of the Pacific Ocean.