The quake struck about 11:49 a.m. (10:49 p.m. Sunday ET) about 70 kilometers (44 miles) from the coastal city of Dumaguete on the Philippine island of Negros, the USGS said.
No tsunami warning has been issued and there is no tsunami threat to Hawaii, the Pacific Tsunami Warning Center said. The earthquake occurred in the ocean at a depth of 46.6 kilometers (29 miles), according to the USGS.
There were no widespread reports of damage.
At the Circle Inn Hotel in the provincial capital of Bacolod, a receptionist said the quake lasted between three and five minutes.
"We felt the shaking," the receptionist said. "The guests all exited the building. But all the people here are okay."
There was no damage to the hotel, the receptionist said.
The Philippines Institute of Volcanology and Seismology said it warned residents along coastal areas to be on the watch for unusual waves as it raised a tsunami alert at level 2.
No evacuation was ordered yet.
The institute also warned structurally weak buildings may sustain damages. The U.S. Pacific Tsunami Warning Center said that based on all available data a Pacific-wide tsunami is not expected.
The quake, with depth of about 10 kms (6.2 miles), according to the institute, and centered just 5 kms off the shore of Tayasan, Negros Oriental, was felt at intensity 7 in Dumaguete City and intensity 6 in Bacolod City, according to the institute.
The USGS put the quake at 6.7 in magnitude and a depth of 12.4 miles (19.8 kms).
Two aftershocks, of 4.8 and 5.6 magnitude on the USGS scale, followed within 30 minutes of the earthquake.
"Damage is possible in areas hit by at least intensity 5 and if the buildings are structurally weak," Renato Solidum, head of the volcanology and seismology institute said in a radio interview.