According to Dutchsinse, this is the largest earthquake of the year for the Philippines itself, but the depth of the M7.3 is of particular concern... measuring in at over 610km deep.
Deep earthquakes usually lead to shallower larger earthquakes which strike the "silent zone fulcrum points" on every side of the deep event.
Thus Japan, Papua New Guinea (Solomon sea), and Indonesia all three need to be warned, and all three will be hit by larger activity (larger than anything we've seen in the past several weeks). This could reach above M6.5 in several locations.
The larger earthquakes could go a full 1-2 magnitudes LARGER than the deep M7.3 - thus making the potential for a very large earthquake (M8.3 to M9.3) much greater than "normal".
The larger earthquakes, if they occur, should strike to the West of the Deep earthquake with additional pressure fanning out across the area to the North and slightly East as far as Papua New Guinea.
This is the largest deep earthquake we've seen in years, which means the whole Pacific plate is about to be displaced (is being displaced). Areas such as the West coast of the United States (Eureka to Cleft Segment) should be on heightened alert for the potential for up to M6.8 to M7.0.
Midwest USA should be on watch after California - watch for midrange M5.0 or swarms = to this. Could be swarms of 3's mixed with a few midrange M4.0 earthquakes, but more likely something larger.
Italy, South Europe, Mediterranean - you only have 3-4 days at the most before you'll start seeing an influx of new seismic pressure which will increase magnitudes by up to 3X. This means up to a 1,000% power increase from the M3.0's we've been seeing.
The potential for M6.0 activity in Greece is large as well as the potential for M5.0 activity in Central Italy at the NEW swarm location which popped up yesterday (Jan 9 2016).
This week is going to be a week of displacement around the planet, all the way to Europe and the Mid-Atlantic Ridge.