A 7.4 magnitude earthquake struck off the southeastern coast of the Philippines Friday morning, according to the US Geological Survey, sending panicked residents running into the streets as the ground shook.

The quake struck off the eastern side of Mindanao island, 123 kilometers (79 miles) from the island?s biggest city Davao, at a depth of 58.1 kilometers (36 miles), around 9:45 a.m. local time, according to the USGS.

At least one person died after they were buried under the rubble in the province of Davao Oriental, 2nd District Rep. Cheeno Almario said at a news briefing.

The US Tsunami Warning system initially warned of possible tsunami waves in the Philippines, Indonesia and the island nation of Palau, but the threat had passed by midday.

Dramatic video and images from the moment the quake struck showed panicked residents on Mindanao island, rushing out of buildings, or trying to maintain their balance as the ground beneath them shook violently.

A video feed from a market in Davao showed the ground shaking, and people screaming and taking cover. In Davao City, firefighters were filmed crouching on the ground outside their station, as sirens blared.

Jaymar Seso told CNN he was outside the Davao Regional Medical Center when all of a sudden the ground began shaking and it became hard to walk.

?All the people in the building came out shouting loudly,? he said. ?After it subsided, you could really see the fear on people?s faces.?

Jun Saavedra, a disaster-mitigation officer of Governor Generoso in Davao Oriental, said he was driving when the tremor hit.

?I saw powerlines swaying wildly. People darted out of houses and buildings as the ground shook and electricity came off,? Saavedra told The Associated Press. ?We?ve had earthquakes in the past, but this was the strongest.?

On Friday morning, President Ferdinand Marcos Jr. said authorities were assessing the situation on the ground and search and rescue efforts were being prepared.

?We are working round the clock to ensure that help reaches everyone who needs it,? Marcos said in a statement posted to social media.

The country is still recovering from a powerful quake that struck off the central island of Cebu less than two weeks ago.

The 6.9 magnitude earthquake was the Philippines? deadliest in over a decade, killing at least 72 people, wounding hundreds and displacing tens of thousands, and causing extensive damage, according to the Reuters news agency.

The Philippines is prone to natural disasters because of its location along the Ring of Fire, a 25,000-mile (40,000-kilometer) arc of seismic fault lines around the Pacific Ocean home to more than half of the world?s volcanoes, and regularly experiences powerful quakes.

The archipelago nation has also been battered by two destructive typhoons this month.

Meanwhile, protests have broken out over the government?s alleged misuse of funds designated for flood relief projects. (CNN)

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