Rolly has weakened into a typhoon Sunday morning and is now off the coast of Camarines Sur, the state weather bureau said.
Rolly, considered as the strongest storm so far this year, was previously classified as a super typhoon.
PAGASA already lifted its Tropical Cyclone Warning Signal Number 5.
Signal No. 4 remains hoisted over Metro Manila, Camarines Norte, Camarines Sur, the northern portion of Sorsogon, Burias Island, Marinduque, Calabarzon including Polillo Islands, Pampanga, Bulacan, the southern portion of Aurora, Bataan, the southern portion of Zambales, the northwestern portion of Occidental Mindoro including Lubang Island, and the northern portion of Oriental Mindoro.
Civil Defense chief Ricardo Jalad said at least 19.8 million people are directly exposed to the typhoon.
Jalad said 347,000 individuals have already been evacuated so far.