Panicked locals fled onto the streets as an earthquake shook buildings in the Philippines today.

Footage shows terrified residents evacuating as warning sirens were sounded in Davao City, Davao del Sur province, on October 10.

The city, a coastal commercial hub in the southern island of Mindanao, was among the hardest hit by the quake, according to the state seismology agency PHIVOLCS.

Officials said at least one person was killed in a collapsed home in Mati City, Davao Oriental province.

PHIVOLCS said the magnitude 7.4 earthquake, downgraded from an earlier magnitude 7.5, struck 44 kilometres (27 miles) northeast of Manay town in Davao Oriental province at 9:43 am local time.

It was recorded offshore at a depth of 23 kilometres (14 miles).

The quake triggered landslides, power outages, and a tsunami warning that has since been lifted.

It is the second major tremor to hit the country. Last week, another deadly earthquake killed at least 74 people in Cebu province, central Philippines.

The Philippines is an archipelago of more than 7,000 islands inside the Pacific 'Ring of Fire' where the majority of Earth's volcanic eruptions and earthquakes happen.