Adam Harvey, a reporter for the Australian Broadcasting Corporation, wrote on Twitter: "Lucky", alongside an image of an X-ray showing the bullet lodged in his neck, close to his spine.
"Thanks everyone - I'm okay. Bullet is still in my neck, but it missed everything important," he said in another Twitter post.
Lucky. pic.twitter.com/2ZPYZfidO9— Adam Harvey (@adharves) June 15, 2017
Harvey was shot in Marawi, the most important Muslim city in the mainly Catholic Philippines where government forces are struggling to defeat hundreds of militants fighting under the black flags of ISIS.
He was inside the provincial capitol compound where local and foreign journalists have congregated during the more than three weeks of fighting, the government's crisis management committee spokesman, Zia Alonto Adiong, told AFP.
Although the compound is secured by the military, it is only about two kilometres (1.2 miles) from the pockets of the city that the gunmen control.
Harvey was taken to the nearby city of Iligan for medical treatment, Adiong said.
At least 26 civilians and 58 security forces have died in the conflict, according to authorities. They say more than 200 terrorists have been killed.
The city of 200,000 people has been largely abandoned due to the fighting, which has seen the military relentlessly bomb the areas held by the terrorists, with residents fleeing to nearby towns.
However hundreds of civilians are trapped in the terrorist-controlled areas with some being used as human shields, according to the military.