The quake was registered at 1:06 GMT at the depth of 323 miles. It hit some 14 miles south of the Loay municipality.
There have been no immediate reports of damage or tsunami warnings.
The Philippines is part of the so-called Pacific Ring of Fire, where quakes and eruptions are frequent due to intense seismic activity. The previous jolt measuring 7.2 was reported to hit the archipelago in late April.