Col. Ruperto Pabustan, commander of the Armys 6th Infantry Division, said alert bystanders noticed the plastic bags containing the improvised explosives and immediately reported them to the police.
The two bombs had a blast radius of 200 meters and could kill or maim dozens of people in the bus terminal, police said.
Investigators are convinced that extortionists were responsible for the foiled bombing attempt.
There have been more than 10 attempts to bomb strategic spots in Pikit town since last January. John Unson