A volcano in the Philippines has begun spewing lava, as authorities warn that a "hazardous eruption" was possible "within hours or days". In the early hours of Monday weak lava began flowing out of Taal volcano- located some 70km (45 miles) south of the capital Manila. It comes after it emitted a huge plume of ash triggering the evacuation of some 8,000 people from the area. Taal is the Philippines' second most active volcano. It is one of the world's smallest volcanoes and has recorded at least 34 eruptions in the past 450 years. "Taal volcano entered a period of intense unrest... that progressed into magmatic eruption at 02:49 to 04:28... this is characterised by weak lava fountaining accompanied by thunder and flashes of lightning," The Philippine Institute of Volcanology and Seismology (PHIVOLCS) said in a statement.. PHIVOLCS has also warned of a possible "volcanic tsunami". The volcano emitted a giant plume of ash on Sunday, and rumbling sounds and tremors were also reported. Ash fell on several areas nearby with residents advised to wear masks. Flights at Manila's international airport were suspended because of the volcanic ash. The Manila stock exchange also announced it would halt all trading.