Aviation officials said 100 bodies were lying in the streets of the city of Tacloban. Local journalists reported 20 bodies in a church in a nearby town.
The massive storm destroyed buildings and triggered landslides. The military has begun relief efforts.
Video from the city showed it engulfed by water when the typhoon struck.
It was one of the most powerful storms on record to make landfall.
Aid agencies are struggling to reach Tacloban, as its airport has been badly damaged but military flights are able to operate.
Communications to some of the worst-hit areas were cut off when the storm hit and it may be days before the final death toll is known.
So far, only four people have been confirmed dead and another four are missing.
“We have reports of collapsed buildings, houses flattened to the ground, storm surges and landslides,” Philippine Red Cross chief Gwendolyn Pang told AFP news agency.
“But we don’t know really, we can’t say how bad the damage is… hopefully today we can get a better picture as to the effects of the super typhoon.”
Typhoon Haiyan made landfall on the Philippines shortly before dawn on Friday, bringing gusts that reached 235 mph, with waves as high as 45ft, bringing up to 15.75 inches of rain in places.
Meteorologists had earlier warned that the storm could be as devastating as Typhoon Bopha in 2012, which ravaged parts of the southern Philippines and left at least 1,000 people dead.
Schools and offices were closed, while ferry services and local flights were suspended. Hospitals and soldiers were on stand-by for rescue and relief operations.
Power and communication lines were also cut to some areas.
Typhoon Haiyan raged across Leyte and Samar, turning roads into rivers, and battered Cebu city, the country’s second largest with a population of 2.5 million.
The eye of the storm – known locally as Yolanda – passed well to the south of the capital Manila, but the city still felt its force.
In the typhoon’s path were areas already struggling to recover from a deadly 7.3-magnitude earthquake last month, including the worst-hit island of Bohol where about 5,000 people are still living in tents.
The head of the EU’s delegation to the Philippines, Guy Ledoux, had earlier told local media that the EU was sending a humanitarian aid team.
Officials had said more than 12 million people were at risk.
Typhoon Haiyan is now heading for Vietnam, and is expected to make landfall on Sunday.
Vietnamese authorities have begun the mass evacuation of more than 100,000 people.
State media in Vietnam report that schools are being closed and people living in low lying coastal areas are being moved to temporary typhoon shelters on higher ground. Shipping has also been ordered back to port.
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