A destructive magnitude 7 earthquake sent locals into a panic when it rattled a market in northern Philippines on Wednesday.

Footage shows frantic vendors and shoppers running for their lives as violent shaking hit the market in Bangued town in Abra province on July 27.

Mothers with their children in tow scrambled away from the stalls while other residents were heard sobbing out of fear and shock.

Another clip shows the severe structural damage wrought by the quake, which left an entire building tilted after its foundation appeared to have been weakened by the tremors.

The Philippine Institute of Volcanology and Seismology (PHIVOLCS) said the quake struck at 8:43 am local time three kilometres west-northwest of Tayum municipality in Abra province. It was recorded at a depth of 25 kilometres.

It was earlier pegged at a magnitude of 7.3, but was later downgraded to 7.0.

The earthquake was also felt in northern provinces and the capital region Metro Manila.

In a statement, Abra Representative Ching Bernos said the tremors had damaged homes and buildings in the province.

She said: 'I urge everyone to stay alert and to prioritize safety in light of the possibilities of aftershocks that might be felt after that strong earthquake. We are monitoring the situation on the ground and gathering information on the extent of the damage to the province.

'My office is also actively coordinating with proper authorities on what can be done to assist families and communities that were severely affected by this earthquake.'

The national disaster office said at least one person has died in Benguet province after being buried by falling debris. The number of injuries or casualties and the extent of the damage is further being assessed by authorities.

PHIVOLCS has warned residents to be vigilant of aftershocks.