The Philippine Institute of Volcanology and Seismology (Phivolcs) on Sunday afternoon has cancelled the tsunami alert issued after a powerful earthquake hit Chile Saturday.

“As of 3:00 p.m. 28 February 2010, Phivolcs has not received any reports of unusual significant sea level changes within the projected arrival period of tsunami waves in the Philippine coasts (1:00PM to 2:30PM),” the Phivolcs said in a bulletin posted on their web site. (Phivolcs web site: Tsunami Alert Cancellation)

Phivolcs issued tsunami alert level 1 on Saturday and elevated the warning to the second level on Sunday morning, advising the public to be on the lookout for “unusual waves” near the coast.

“By 4:30 p.m. on February 28, if no other significant sea level changes were observed, local authorities and the public can assume that the tsunami threat has passed. People may resume their normal activities,” added on Philvocs bulletin.

Phivolcs Director Renato Solidum denied that the agency had overreacted to the tsunami threat. “It is the response that matters most,” he told the ANC.

Villagers living near the Philippines’ eastern coast were advised to move to higher ground, as the Phivolcs warned of waves as high as a meter between 1 p.m. and 2:30 p.m. Local volcanologists, however, were quick to point out that the waves were unlikely to cause major damage.

The earthquake in Chile was far stronger than the one that struck Haiti last month, but the death toll only ran in the hundreds compared with Haiti’s about 220,000. The reason is since the South American country is wealthier and infinitely better prepared, with strict building codes, robust emergency response and a long history of handling seismic catastrophes.

Lesson to be learned on this is, it is always pays to be ready.