The drone, four meters (13.1 feet) long and painted red with American military markings, was spotted Sunday floating near Ticao Island, part of Masbate province, the Philippine Daily Inquirer reported.
It was brought to local authorities and then to police by two fishermen, police Senior Superintendent Heriberto Olitoquit said.
The U.S. Embassy in Manila said the drone was neither armed nor used for intelligence gathering.
Embassy spokeswoman Tina Malone said embassy staff was gathering information on the recovered drone, including who launched it and when, adding it was typical of the type of drone used in military training.
2014: NFL Cheerleaders [PHOTOS]
Meet the hero in attack on Canadian Parliament