The 7.2-magnitude quake struck off the coast of the island of Mindanao in the Philippines at 8.23pm (GMT) on Friday.
The quake was measured at a depth of 10km, 68km south of the city of General Santos, the Tsunami Centre added.
The hazardous tsunami waves could spread 300km (190m) away from the epicentre, and are possible off the coasts of the Philippines and Indonesia, it said.
The warning urged residents of threatened coastal areas to “stay alert for information” and follow instruction from authorities.
The US Geological Survey measured the quake at 6.8.
There were no immediate reports of casualties.
The Philippines lies on the so-called Ring of Fire, a vast Pacific Ocean region where many of Earth’s earthquakes and volcanic eruptions occur. (Courtesy Sky News)