Weather forecasters warned Hagupit, already generating wind gusts of 240 kilometers an hour, would continue to intensify as it swept in from the Pacific Ocean, and likely hit eastern islands on Saturday.
"Let's prepare for everything," President Benigno Aquino told a nationally televised meeting of disaster agency chiefs, after hearing warnings of giant storm surges and house- destroying winds.
Authorities said Hagupit would likely hit or pass near areas yet to recover from Super Typhoon Haiyan, the most powerful storm ever recorded on land that killed or left missing more than 7,350 people in November last year.
"I survived Haiyan. I hope God will save me from Hagupit as well," 94-year-old grandmother Florentina Azcarga told AFP as her extended family of eight moved into a sports stadium in Tacloban.
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Azcarga and her family left their home with a pot of rice and bags of clothes to join hundreds of others in the stadium who had evacuated ahead of official orders.
With Hagupit still 700 kilometers from the Philippines, weather forecasters were not able to say exactly where the storm would hit and the government was yet to issue mandatory evacuation directives.
Schools were closed and ships ordered to stay in port across the eastern Philippines today.
The US Navy's Joint Typhoon Warning Center said Hagupit would generate sustained winds of 305 kilometers an hour and gusts of 370 kilometers an hour about the time it was expected to make landfall.
This would make it nearly as powerful as Haiyan, which had sustained winds of 315 kilometers an hour when it crashed into the Philippines.
Philippine weather forecaster Pagasa predicted lower winds, but still warned of potential devastation.
During Haiyan, unexpected storm surges more than two-storeys high swept kilometers inland in some places, destroying schools and other buildings that were being used as evacuation centers.