The gargantuan beast has been dubbed 'toothless' by locals despite the fact it has 50 rows of gnashers.
There have previously been only 64 recorded sightings of this type of shark.
The humongous fish's cause of death has yet to be determined but country's Bureau of Fisheries and Aquatic Resources will carry out an investigation to determine what killed it.
It is understood the critter's remains will go on display at Albay Parks and Wildlife Centre in the Philippines.
The megamouth shark trawls the seabed for morsels of food, scooping them with their massive mouths and capturing them in their jaws.
They can reach a maximum length of 7 feet (5.2 metres) and can live to the age of 100.
Southampton University shark scholar Christopher Bird told the Washington Post: "It wasn't discovered really until 1976. "It's only really seen when it's accidentally caught in fishermen's nets or when it is stranded on beaches.
"It's just a mystery."
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